Zillow Advice: Buying a Foreclosure - How high to offer on foreclosure? http://www.zillow.com/advice-thread/How-high-to-offer-on-foreclosure/373667/ Zillow Advice | Zillow Real Estate Just wanted to post, that ... http://www.zillow.com/advice-thread/How-high-to-offer-on-foreclosure/373667/ Just wanted to post, that we got the house at $287,900.&nbsp; The bank is paying all closing cost, and $2500 toward an appliance package.&nbsp; We couldn't be more thrilled!&nbsp; Thank you again for all the great comments! Wed, 10 Nov 2010 02:03:00 GMT http://www.zillow.com/advice-thread/How-high-to-offer-on-foreclosure/373667/ 2010-11-10T02:03:00Z Can't thank you all enough ... http://www.zillow.com/advice-thread/How-high-to-offer-on-foreclosure/373667/ Can't thank you all enough for your input.&nbsp; Yes, we love the house, yes it is priced well below the value of the others in the area and itself.&nbsp;It is over all in great shape.&nbsp;Yes, we would be crushed it we lost it.&nbsp; I think we have our answer!!&nbsp; We have asked our realtor some of these questions on the bank's perspective, but she didn't have much to say.&nbsp; The house has only been on the market for 30 days but I do not think we will take the chance of losing it.&nbsp; <br/>Thank you again for all the insightful input!! Thu, 04 Nov 2010 19:47:00 GMT http://www.zillow.com/advice-thread/How-high-to-offer-on-foreclosure/373667/ 2010-11-04T19:47:00Z All good advice so far. The ... http://www.zillow.com/advice-thread/How-high-to-offer-on-foreclosure/373667/ All good advice so far. The bottom-line is what is the fair market value? Dont go too much above that and only if you love it.<br/><br/>Banks will hold firm for the first 60 days after that they are more willing to deal.&nbsp; Good advice below on can you sleep well if they accept your offer? Thu, 04 Nov 2010 18:10:00 GMT http://www.zillow.com/advice-thread/How-high-to-offer-on-foreclosure/373667/ 2010-11-04T18:10:00Z I agree with Kathleen.&nbsp; ... http://www.zillow.com/advice-thread/How-high-to-offer-on-foreclosure/373667/ I agree with Kathleen.&nbsp; How badly do you want this house?&nbsp; Definitly consider the comps in the area, and how much work will be needed first.&nbsp; Often you will find the discount is already in the price, but starting low gives you an idea where the bank is headed price wise on the property.&nbsp; Sometimes they may lower it and other times they won't.&nbsp; Rest assured the bank is not emotionally attached, so when they tell you what they want, and you tell them what you want, and they go back to what they want again, then the rest is up to you.&nbsp; Haggle long enough and someone else will join the party and then it turns into a bidding war.&nbsp; So, if the numbers make sense, how badly do you really want this house? Thu, 04 Nov 2010 18:02:00 GMT http://www.zillow.com/advice-thread/How-high-to-offer-on-foreclosure/373667/ 2010-11-04T18:02:00Z Does "we" include your agent? ... http://www.zillow.com/advice-thread/How-high-to-offer-on-foreclosure/373667/ <p>Does "we" include your agent? Have they completed a thorogh objective assessment of the house both "as is" and "subject to"? Have you considered an appraiser?<br/><br/>I'm a FNMA appraiser as well and they will always start at market to see the response. About at the 60-90 day mark they start listening. Foreclosures aren't always the deal everyone thinks - trat it like they are - business. Get a deal or get going.</p> Thu, 04 Nov 2010 10:05:00 GMT http://www.zillow.com/advice-thread/How-high-to-offer-on-foreclosure/373667/ 2010-11-04T10:05:00Z You really have to evaluate ... http://www.zillow.com/advice-thread/How-high-to-offer-on-foreclosure/373667/ You really have to evaluate the price of the property relative to the market. The in Northern Virginia is pretty good for sellers of foreclosed properties. Thu, 04 Nov 2010 03:19:00 GMT http://www.zillow.com/advice-thread/How-high-to-offer-on-foreclosure/373667/ 2010-11-04T03:19:00Z You really have to evaluate ... http://www.zillow.com/advice-thread/How-high-to-offer-on-foreclosure/373667/ You really have to evaluate the price of the property relative to the market. The ,market in Northern Virginia is pretty good for Thu, 04 Nov 2010 03:17:00 GMT http://www.zillow.com/advice-thread/How-high-to-offer-on-foreclosure/373667/ 2010-11-04T03:17:00Z Yes, Kathleen gave a great ... http://www.zillow.com/advice-thread/How-high-to-offer-on-foreclosure/373667/ Yes, Kathleen gave a great answer here. &nbsp;Do you like this house? &nbsp;Do you like it enough to offer $290-295K? &nbsp;Will you still sleep at night if you didn't get the house? &nbsp;Asking yourself these questions will help guide you in making a decision.<br/><br/>In my experience, if my buyer's dragging his or her feet in increasing their offer, it's because they don't like it enough. &nbsp;When they find the one they REALLY want, they will move mountains to get it. &nbsp;Action speaks volumes, but the choice is yours. &nbsp;You will make the right decision, I'm certain. &nbsp;Good luck! Thu, 04 Nov 2010 03:10:00 GMT http://www.zillow.com/advice-thread/How-high-to-offer-on-foreclosure/373667/ 2010-11-04T03:10:00Z At the end if the day, you ... http://www.zillow.com/advice-thread/How-high-to-offer-on-foreclosure/373667/ At the end if the day, you must decide how badly you want the house. Banks are for-profit entities that must answer to stockholders seeking profit. Quite frankly, they are not in the business of helping buyers get the lowest price for a home - there charter is to maximize profit by minimizing loss. How is the house priced compared to similar properties in the area?&nbsp;&nbsp;Taking into consideration&nbsp;the amount of work/money you will&nbsp;have to put into the house&nbsp;for necessary repairs, is the house a still a good deal, even&nbsp;at $290-$295k? If the answer yes - go for it! You should&nbsp; also ask yourself how you would feel if you lose the house. If you would be crushed if someone else got the house - you know your answer! Best of luck! Kathleen Turner, ABR, CRS, ePro Thu, 04 Nov 2010 01:44:00 GMT http://www.zillow.com/advice-thread/How-high-to-offer-on-foreclosure/373667/ 2010-11-04T01:44:00Z