Can you offer less for a Foreclosure? (Cape Coral: real estate, foreclosures)

[Twobeach]

July, 5, 2012
RE>
Cape Coral Real estate> Can I offer less for a Forclousure?? I was hoping I could possible push it for 10G's less???? thanx in Advance for all your Well Informed Information!
P.S. Home is priced under 100 and a cash deal.

[Angelala]

Yes you can offer less and I highly suggest contacting agent who has it listed. You have a better chance of getting it.

[robalomann]

please do not blindly listen to an agent , they will always say there is another offer on the house and maybe you should go higher...i listened and payed 5000 extra i realize now i probably shouldn't have

[oldfart1947]

I went through this last year. I bid on a half dozen homes. Here is what I believe is true, by my own experience. Have CASH !!!! The banks do not want to get involved with someone who is financing.[/color]

Bid "at least" the asking price. Every home I bid on went over the banks price.[/color]

[JeffTumbarello]

It depends on the price point you are buying at. Unless you are very savvy. You should have someone work for you.

[TamRE]

Ask your Realtor to give you the comparables. You can offer less on a Bank Foreclosure. The bank sets the price because they have someone do a Broker Price Opinion prior to listing. So, it is usually listed at a fair price. But sometimes if the home needs too much work it sits awhile, the bank will lower the price. If there are multiple offers, you will be asked to sign a multiple offer form. If there are no other offers, you can submit an offer and the bank will counter if they want higher. Most of the bank foreclosures that I have submitted for my buyers if they were not in a multiple offer situation, the bank was willing to accept less, but not significantly less. In multiple offer situations, the accepted offer is almost always higher than the list price.

[ictransportation]

My parents have placed cash offers on three homes this year that were in the $100 thousand range. In every situation they lost the house to someone who bid over the listed price. Also... each of these houses were really a bargain for the asking price.

[CCRESI]

Originally Posted by Twobeach

July, 5, 2012
RE>
Cape Coral Real estate> Can I offer less for a Forclousure?? I was hoping I could possible push it for 10G's less???? thanx in Advance for all your Well Informed Information!
P.S. Home is priced under 100 and a cash deal.

Most homes under 100k range do not last long and there are many cash buyers lined up to purchase these homes. In my experience, a buyer who offers 10k less on a home 100k and below is simply testing the waters. If it is a nice home, and worth 100k (search comps), offer in line with market value --IF you really want the home.

Some homes are overpriced at 100k. So asking a question on a property we know nothing about is tough.

Find an agent that will answer your calls, in a timely manner. Most of the homes in this price range do not sit. If you hire an agent that does not check their voicemail or email for hours at a time, you could miss an opportunity. Most of the time these homes have "highest and best due by ...__". Don't want to miss out.

Happy bidding.

[Sunscape]

Originally Posted by TamRE

Ask your Realtor to give you the comparables. You can offer less on a Bank Foreclosure. The bank sets the price because they have someone do a Broker Price Opinion prior to listing. So, it is usually listed at a fair price. But sometimes if the home needs too much work it sits awhile, the bank will lower the price. If there are multiple offers, you will be asked to sign a multiple offer form. If there are no other offers, you can submit an offer and the bank will counter if they want higher. Most of the bank foreclosures that I have submitted for my buyers if they were not in a multiple offer situation, the bank was willing to accept less, but not significantly less. In multiple offer situations, the accepted offer is almost always higher than the list price.

Good !!