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Hi I need a real estate advice about foreclosure

I want to make an offer of foreclosure Fannie Mae property .the forclosure costs 38,000 ,lets if I want to make an offer for 16,000 to 20,000 will they accept my offer .thank you
  • April 11 2013 - US
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Answers (3)

It is quite a stretch to think they will accept an offer of around half the list price! Especially in this market.  Low ball offers generally waste everyone's time. 
  • April 11 2013
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16K - 20K is quite aggressive. Of course you'll never know if they accept it if you don't put the offer in. I agree with Cassandra that the market in Atlanta has strenghthened quite a bit and oftentimes HUD or Fannie Mae homes end up selling for more than the list price. You are in a price point that attracts a lot of investors and first time home buyers. It's all about supply and demand. Right now, supply is low and demand is high which means that typically prices go up.
Cheers,
  • April 11 2013
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Probably not, but it really depends on your market.  In Metro Atlanta most properties are going higher than list price.  Those that do not, the bank will usually negotiate 1-5%.  

If the property has been on the market for a while (Being more than 90 days), the bank may be willing to negotiation, but you might be wasting time.  I would suggest listing to what your agent has to suggest.  Those of us ACTIVE in our market will know the going trends. 

Good luck, 
Cassandra Bickel, REALTOR
  • April 11 2013
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