How much should I offer for the property bank has taken ownership through a foreclosure $50,000?

The Bank has taken ownership of the property through a foreclosure auction for the amount of $50,000. If the lender (bank) list it for $80,000. Should I offer more than asking price or more than the price that bank got it from the auction ($50,000).

Should I deal with the Bank Directly or thru the agent.

Please help answer if you can "Thank you"

  • June 15 2013 - Kansas City
  • 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 (5)

Profile picture for Super Agent Marvel
I have been listing/selling bank owned properties for 7 years now.  I have never seen a bank take an offer unless the property is listed for sale.
  • June 15 2013
  • 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.

Hi Pichayapa,

The property's value will depend on its location and features moreso than the price the bank acquired it for, although that is certainly one factor.  Without knowing the details of the property, it's difficult to determine a fair offering price.  Your best bet is to work with a buyer's agent for the purchase of this property.  If the bank has the property listed with an agent, chances are that the bank will not negotiate directly with you and will instead refer you to their agent.  The listing agent's obligation is to ensure that the seller, not you, receives the best deal.  You want someone working on your side to protect your interests, which is where a buyer's agent comes in.  Also, it typically costs you nothing to engage a buyer's agent because their commission is built into the seller's asking price.

I am a Realtor in the KC area and would be happy to assist you with the purchase of this property.  Please feel free to e-mail or call me with the property's address and I can begin pulling comparable sales from the area to assist you in determining a fair offering price.  Best of luck!

Tricia Nibarger
Realtor, Platinum Realty
  • June 15 2013
  • 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 Anna Torres
Hi
First of all: work with an agent, that way you will get professional help and you will know the real value and trends in your area. Based on your Agent information, you will figure out how much to offer, but you have to wait until the property will be placed for sale on MLS.
If the Bank is really small, you can try and get someone to talk to, but in most cases, they never work with Buyers directly. They separate themselves from the public and the best way is to work with an Agent.
Good luck
Anna Realtor
[phone number deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
GSIG LLC
Florida
  • June 15 2013
  • 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.

Thank you the answer.
  • June 15 2013
  • 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 Outer Banks N C
You can offer anything you want when they get around to listing it for sale. That could be soon or as far off as next year. Trying to buy it before they list it for sale will be difficult to impossible. Banks move at their own pace and they will list it for whatever the market value is, it does not matter one tiny little bit what they got it for. Offer what you want, they will say yes or NO.

tim
  • June 15 2013
  • 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.