Can you get Forclosures with offers below asking?? Or get them to pay closing costs?? (Phoenix: bank owned, appointed)

[azsandshark]

I'm sure there are definetly a few people on here who got a Phoenix forclosure recently... Has anyone been able to get a forclosure for less than asking or have they got their closing costs paid????????

[sarahrose]

We just got one, and they paid closing costs, however, be wary...If we would have noticed that airplanes fly over the house all day, and that the appliances (that had custom built cabinets) would have cost as much as they did, we would have offered MUCH lower. Do your research..they are not always a good deal, even though we paid almost half what the other people did in the neighborhood, the rest of the houses are now being bulit in here for less than HALF what the originals cost. They are selling, but now that we live here, we are wondering what about the house and the neighborhood is so special that it costs as much as it did.

[ibarrio]

Originally Posted by azsandshark

I'm sure there are definetly a few people on here who got a Phoenix forclosure recently... Has anyone been able to get a forclosure for less than asking or have they got their closing costs paid????????

My Parents just picked up a foreclosure here in Surprise. Closing costs and inspection was paid by the bank..On top of that they got it for 10K less. No lie...they got a steal...

[dbean]

To the OP, yes, you can get them for below the listing price.

Here is a history of our recent purchase in Ahwatukee; (in chronological order)

-Listing price of 260K
-Offered 240K, seller pays 6K closing costs
-Got counter saying "bring best/highest offer
-Offered 245K, seller pays 6K closing costs
-Even thought we were #1 offer, (we are also putting 20% down) all offers were rejected
-Found out that a "low ball" offer was countered at 245K
-Resubmitted orig. offer of 240K, seller pays 6K closing costs
-Got counter offer of 250K
-Offered 245K, seller pays 6K closing cost
-Got counter offer of 247K, seller pays 6k closing cost

...............ACCEPTED, contract accepted.....................

So, yes, the house was orig. at 260K and they accepted 247K AND paid 6K in closing.
One thing to remember, this is a buyers market, don't let them bully you into thinking the house will sell b4 you get it...pull your offer, let them sweat it out, they will come back after a few days.

[foma]

i'm searching for a home purchase, too, and i'm surprised there are so many people out there still purchasing at full price. it's a buyer's market! the ball is in your court and you can makea lower offer. the asking price is just a starting point for them. if you've done your homework, you know whether that amount is fair or too much (usually the latter).

[wng]

If you're dealing with foreclosures, bear in mind, the property is an AS-IS sale.
Most banks won't throw in home warranty costs, inspection costs, compensate for missing/damaged items. They simply want to unload it as quickly as possible.
Closing costs, depending on your definition, are paid by the seller. But since AZ real estate is handled by an arbiter, you pay 50% of their fee for that closing service (title searches, lien disclosures, termites, and sometimes the title insurance).
With this, anything is basically possible. Make reasonable low offers and you may find them accepted.
It's a buyers' market, and quite frankly, the banks deserve no sympathy. Hit them where it hurts.

[traveler26]

We made an offer on a bank owned property of $150K in Gilbert that was listed at $174,900 and asked for home warranty and closing costs (the bank took it over for $210K a month prior). There were similar homes (same size, etc.) that sold during that month for $150K so our realtor sent in the supporting documentation to justify our offer. They initially countered with $173K, but they hadn't looked at the supporting documentation. They allowed us to resubmit our initial offer and they countered again at $165K. We had said from the beginning our offer price was firm so we walked away the second time. We were the only offer on the property and if it is still available once we move we might try again. Maybe they'll be willing to come down more if it is still sitting there. The house was beautiful and barely lived in. We would have had to buy a fridge and washer/dryer, but the other appliances were included and the place was completely upgraded. Some of the other homes we looked at were in pretty bad shape - cabinets, counter top, tile, light and shower fixtures missing, no appliances, smelled awful, bugs, etc. This one had nothing wrong with it and I'm pretty bummed we couldn't go any higher, but that was our limit so we had to walk away. The banks are already losing money, but the longer it sits the more money they will continue to lose so at some point they will have to take whatever they can get to get rid of it.

[beckyinaz]

We've been looking for the last month - found 1 house that was a foreclosure, listed at 126,650 and we bid 120K plus asked for closing costs. Lost the house to a higher bidder. Have 3 bids on short sales, bids have been in a few weeks and still haven't heard back. Just found a house that we absolutely loved, listed at 149,900, we offered 152,200 plus asked for closing costs - were devastated to lose it to a higher bidder. So I think it really depends - I think the market is moving more here than in other parts of the country. My guess is that if it's a fixer-upper, you may be able to get away with a low-ball offer, but if you want a move-in ready house, you may not be able to lowball as much as you would hope...

[markas214]

Originally Posted by beckyinaz

- were devastated to lose it to a higher bidder. So I think it really depends - I...

Do not let emotion overcome rationality. There are plenty more out there and you will find exactly what you want. Patience will pay off. You may even get a nicer house at a better price.

[Ponderosa]

Originally Posted by beckyinaz

We've been looking for the last month - found 1 house that was a foreclosure, listed at 126,650 and we bid 120K plus asked for closing costs. Lost the house to a higher bidder. Have 3 bids on short sales, bids have been in a few weeks and still haven't heard back. Just found a house that we absolutely loved, listed at 149,900, we offered 152,200 plus asked for closing costs - were devastated to lose it to a higher bidder. So I think it really depends - I think the market is moving more here than in other parts of the country. My guess is that if it's a fixer-upper, you may be able to get away with a low-ball offer, but if you want a move-in ready house, you may not be able to lowball as much as you would hope...

I have a friend who has lost out at the last minute on a short sale 3 times now. It took forever only to be disappointed in the end. I keep looking at his "new home" only to have it change a month later. He has moved to foreclosure hunting saying shorts are just too hard to work with. The foreclosures are often beat up but apparently easier to buy. I agree with the post above that there are others and you shouldn't fall in love with anything. You do have to be somewhat dispassionate if you are bottom fishing.