Zillow Advice: Buying Foreclosures - I would like to make a offer of $157,900 foreclosure listed at $234,000 owned by Fannie Mae

WI is a totally different ...

Fri, 17 Apr 2009 04:22:00 GMT

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

"Another thing to consider ...

Fri, 17 Apr 2009 03:27:00 GMT

"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?

Hi Risky,Well the question ...

Fri, 17 Apr 2009 03:15:00 GMT

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

You might want to try and ...

Fri, 17 Apr 2009 00:47:00 GMT

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.

I think you can start with ...

Thu, 16 Apr 2009 23:32:00 GMT

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.