What to offer on a bank owned home?I want to buy a bank owned home. Currently they have the home listed at $144,900, I spoke to my realtor and she advised me that if it was her she would not offer more than $110,000. The hoem is in great shape, new roof, windows etc. What would you offer, I am trying to keep my payments below $1,000 a month and... | |
And I'm assuming that the Realtor that told you to offer $110,000 based that on sales in the area? The bank is only trying to cover all their expenses and the balance of the mortgage, if they are asking $144,000 and you recognize the value of the home at that price, why wouldn't you offer them $144,000? Ok let's play the "I'm getting a great deal" game, why not offer $139,000. Just my opinion. I think the Realtor is imparting bad advise and adding to the crunch we are all feeling. Not to mention the financial burden we are all going to have to pay for due to the foreclosures.
been there & done this. 1st find out the sev, do home comparisons in area... w/ & w/o realtor, find out how long bank has owned home...[ is it from foreclosure etc ] & find out the actual appraisal & then do comparisons. also, presenting lower bid should cost nothing & you have nothing to lose but to decide if you want to accept a counter offer if bank does this. & no matter how good a home looks, or all the new improvemnent, get a home inspection by good licensened inspector, & possibly ask for warranty to be included if you do the purchase. & yes, I am familar with area & just did similar transaction 8 months ago.
In Dearborn michigan?.. yeah thats plenty for a first offer. Thats where the housing market is the worst in the county just about. Banks are deserpate to unload these foreclosed homes. I might even considered going a little less then that.
banks are pretty set on the price especially early on, make what ever offer you fill comfortable making but if it is way below the listing price at this point do not be surprise if they do not counter
