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Answers (2)
Best Answer
- Michael Emery, "MikeEmery"
- Contributions:7283
Prices are always negotiable on bank owned properties. But keep in mind that sometimes bank owned properties are listed cheap and end up selling for MORE than asking price.
Case in point I toured a fantastic 'move in ready' home that was listed at $175k. At that price it was a steal. It ended up selling for 200k which was still a great deal as replacement cost was easily 75k more.
Homes that are priced that inexpensively often need lots of work, so factor that into your offer. And make sure you won't be required to bring the property up to code (which happens to condemned houses where I live). This is far more expensive than just making the home livable.
Case in point I toured a fantastic 'move in ready' home that was listed at $175k. At that price it was a steal. It ended up selling for 200k which was still a great deal as replacement cost was easily 75k more.
Homes that are priced that inexpensively often need lots of work, so factor that into your offer. And make sure you won't be required to bring the property up to code (which happens to condemned houses where I live). This is far more expensive than just making the home livable.
- Tim Grossglauser, "VIPAZHOMES"
- Contributions:60
I just want to verify that by post foreclosure you are stating that the bank now owns the home as a REO (Real Estate Owned) or (Bank Owned Home).
Prices are always negotiable unless the bank has specifically told the listing agent to not take any offers less than the listing price. I list a lot of REO homes and have never had a bank tell me not look at any offers less than list price. Hope this help!
Prices are always negotiable unless the bank has specifically told the listing agent to not take any offers less than the listing price. I list a lot of REO homes and have never had a bank tell me not look at any offers less than list price. Hope this help!
Is the price of a post foreclosure house the last price or can it be haggled?
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