Profile picture for user81928

Are forclosures negotiable with the price?

  • June 08 2012 - Santa Fe
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (9)

Profile picture for JimTrueblood
Absolutely they are.  However keep in mind, some homes are listed very well to begin with.  Some are listed high.  A bank typically does not take come off the listing price a huge amount until the the home as been on the market at least a while.  They are not going to take the first low ball offer that comes their way after being on the market just a week...
  • June 10 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Everything is negotiable.  Lately, though, if you aren't prepard to offer within 10% of the list price, a lot of banks will toss out your offer without a second glance.  You can always save a little money but don't give a low-ball offer and expect to take home the prize.

Jeff Metcalf, REALTOR(R)
Watson Realty Corp.
  • June 09 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

 All sales are negotiable in that the buyer proposes and the seller disposes.
  • June 08 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

This answer depends on your market area, and what the climate is regarding sales.  As an experienced bank owned listing agent, I can tell you that the banks are reasonable in negotiation.  I would seek out an experienced agent in your area that knows how the corporate sellers work. It is invaluable when it comes to negotiating.  If your market is moving quickly and there are multiple offers, then expect to write a very clean offer on bank properties, agreeing to take it "as-is" and know that your competing bidders are likely waiving inspections.  That doesn't mean you have to, but you should be aware of how your offer will stack up next to others.  If your not in a competitive situation, then absolutely negotiate...but don't fall into the trap of thinking the corporate/bank seller is going to give a property away.  Like any seller, they are looking to get fair market value.
  • June 08 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for sunnyview
Death is negotiable? That changes everything ;)
  • June 08 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Everything is negotiable.
  • June 08 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I can't speak for your particular area, but in general how you approach making an offer really depends on many various factors.  In South Florida, the foreclosure market is moving very fast so as a result the demand and the competition is really high.  Investors from all over find this market to be an attractive opportunity so many buyers looking at foreclosures find themselves in bidding wars especially if the house is move-in-ready or has been maintained/rehabbed by the lender
The houses that tend to stay on the market a little longer and are more succeptible to negotiating price usually need a little more work

By in large, these are the factors you look at:
-- Condition of the property
(If it's beat up and needs a lot of capital to fix up, then you discount accordingly)
-- Length of time on the market
(any agent can tell you exactly when the property was listed)
-- Asking price in relation to what's selling in the area
(that same agent should be able to pull up comparable data)
-- Amount of demand in your area
(If you go to see a house, and there are 2 other families there doing the same thing,... that should give you a hint)

When I make an offer on a Foreclosure, I approach it like any other property I'm looking at.  It's as basic as the laws of Supply and Demand

Hope this helps
  • June 08 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for realtorss
Yes and no. In our market, we usually don't see the foreclosure banks come much off their price ($5000 max) but we do see them lower the price of the house until they have someone willing to make a full price offer. It doesn't seem to make any sense but.... these are corporate entities making the decisions. Just be prepared to wait it out if they won't negotiate now.
  • June 08 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes. In a foreclosure you are dealing with the bank who holds the mortgage, and they will make their decision based on the numbers, not on their emotions. The bank's Realtor, who is working as their agent, is probably giving them at least monthly market updates so the price is pretty current and represents the Realtor's best advice as to market value. If the property doesn't sell in a given period of time, then the bank will probably adjust their price and then wait again to see if any offers come in.
So, if you make an offer lower than the asking price, the bank will evaluate it and negotiate with you if they feel you are qualified (based on the information and documentation you will be required to submit at the time you make your offer) and are making a serious offer.
I hope this answers your question.
  • June 08 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.