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I would like to make a offer of $157,900 foreclosure listed at $234,000 owned by Fannie Mae

Contributions: 2

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:2

Is this a realistic figure, the house located in a rural area. I have full approval from my lender. Would this be considered a serious offer? The house has be on the market for less than 70 days.

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April 16 - Kenosha

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Connie Wildasinn, "pwildcon"
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Connie Wildasinn, "pwildcon"

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WI is a totally different market than here is Southern Calif... most banks here have already done 3-4 BPO's so they are not about reducing price, most price so low there are actually multiple offers on the property... you have to know the solds to know where to start... Good luck

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April 16

nvchaz
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nvchaz

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"Another thing to consider is how bad do you want the house...."

The first thing to wipe away in this economic climate is the idea of your emotional attachment to a property.

The true question:

How bad do they want to sell the house?

Time to tell these screwballs like it is: YOU are in the drivers seat, YOU will tell these parasites what it is worth, YOU will tell the greed-pigs what terms and conditions are acceptable.

They balk? OK wait ten minutes and another REO will open up down the street.

Ha, ha! Dont'cha love it when we little guys can stick the pigs?

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April 16

The Leonardo Team
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The Leonardo Team

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Hi Risky,

Well the question you should ask is if the offer you are making is withing the price range of the last sold in that area. Another thing to consider is how bad do you want the house....usually bank owned properties sell for asking or a little below. It has been my experience ( in california at least) that banks will not look at offers below the asking price. Ask your realtor to run comps on it, also how much was this house bought for and how long ago. Having all this information handy should help you to make a decision.
Good luck.
Leonardo

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April 16

Mike Jackson, "jacksonm4"
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Mike Jackson, "jacksonm4"

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You might want to try and find out how many current offers this home might have first, and find out what the comparbales are in relation to your offer.

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April 16

rashidnida
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rashidnida

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I think you can start with 157,900. The way prices are going down, I have seen regular homes starting at 299,900 just went down to 217,900 in two months.

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April 16

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April 16

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I would like to make a offer of $157,900 foreclosure listed at $234,000 owned by Fannie Mae

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Related Questions

Question I would like to make a offer of $157,900 foreclosure listed at $234,000 owned by Fannie Mae

Question What's a reasonable offer on a foreclosure listed at 149k and city assessed at 206k?

Related Articles about Buying Foreclosures

Guide Bank Foreclosures versus FSBOs

Guide Things to know when buying a foreclosed property

Guide Foreclosure Primer

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