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How much can you expect to negotiate on a foreclosure that has been on the market for over 100 days

  • June 09 2009 - Washington
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Answers (5)

As the people before me have said. It all depends on a number of possibilities, Days on market, price reductions, has the property been renovated, how is it priced to properties in the neighborhood.  Many banks are adding paint, carpet and appliances to try to increase the value of their properties.  They are attempting to remove the stigma that Foreclosures have on the market and be better neighbors by maintaining good homes.  

So to make a long story short there is no easy answer.  Have your agent speak with the listing agent, pricing and offers. Many listing agents can help explain the process and what items the bank will and won't accept.  
  • November 18 2013
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Remember, real estate is local! There is no magical formula, it is supply and demand. For the most part we've been seeing homes that are selling at 100% of their asking price and in some cases I've seen some homes go for 10's of thousands more if there are multiple bids. Talk to you realtor and talk to an agent that has had experience with the purchase of foreclosures. if you want to know the Las Vegas real estate statistics have a look at the rss feed.
  • June 10 2009
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Depends if they made any price reductions in that time.  If they have, they might still be expecting 90% of their current asking price.  If its the original price still, it may be up in the air, so just submit your best offer.
  • June 10 2009
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Good morning,

Great question! The amount you can expect to negotiate will vary listing by listing. For example, it may be that the bank is rejecting all offers below X amount.

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  • June 10 2009
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What's more relevant is how much the price has dropped in the last 100 days.

If it's dropped 50 percent from the original listing price versus dropped zero percent from the original listing price is an important part of the equation.
  • June 09 2009
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