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Can you bid on a foreclosed property lower than the foreclosed price?

  • July 18 2013 - Bristol Township
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Answers (5)

Sure you can! Just make sure you do the research on your market area average days on market resent sales, a good agent will be able to help you determine a good start price and also help you determine the amount of activity a REO property normally gets in your area. Hope this helps- Happy House hunting! RuthAnn [contact information deleted by Zillow moderator. Please see our good Neighbor Policy for posting guidelines]
  • August 27 2014
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You can submit any offer on a foreclosure that you like (as long as your agent is willing to write it up) however make sure you speak with a distressed property expert as you will often find that you will be outbid in a competitive market like the one we have today.

My office is down in Florida so I cant help you up in PA, but send me a message if you need a referral for a seasoned distressed property expert in your area. I went to school and lived up in PA for a while, so I can put you in touch with someone with knowledge of the local market.
  • July 18 2013
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You can always bid lower.  However, make sure you are working with an experienced agent who can help you in determining the price.  One of the worst feelings is to get outbid because you went in low, even when you knew you were willing to pay more.
  • July 18 2013
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Yes you can always bid lower than the asking price....it is up to the seller to except the offer or not...a good agent will be able to give you an idea of how low you can go.
  • July 18 2013
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Are you referring to bidding at the courthouse steps or putting in an offer on a short sale? If courthouse steps-the bank will have already set the starting price for bidding. If you are referring to a short sale-the bank/lender will have done their due diligence in getting thee current FMV (BPO or Appraisal) and they will inform the realtor to list the subject property at $X. So, in all reality, you could offer less than bid or list price, but don't be surprised when you do not get a response.   

  • July 18 2013
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