Profile picture for rowe1358

What's a reasonable offer to a foreclosed house listed at 470,000?

How much should I offer on a foreclosure house that's listed at 470,000?
  • April 05 2009 - US
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Answers (2)

Profile picture for dariuspl
One of my friends just bough a new/never lived in, foreclosed home which was listed at 625k, his first offer was 150k. Bank counteroffered with 475k and he counteroffered with 230k and the bank accepted.
  • April 06 2009
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Profile picture for kittenonkeys
It depends on who is marketing the foreclosure.  HUD-owned homes are bid on-line and, in my area of the country, usually require a bid of over list price to even stand a chance of being successful.  Homes being marketed by agents are another story.  Your buyer's agent can usually find out if there is other interest in the house.  If you are in competition with others, you must plan to spend more closely to list.  Your buyer's agent is your best source of recommendations.
  • April 06 2009
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