Buying A Home
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forclosures

We don't have many in this area- so I wanted to ask opinions...

Will the bank take forever to come back to us?

Is it safe to offer less?  Our realtor said he got his forclosure house for $40,000 under asking.

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Re: forclosures

  • It might take longer, but nothing like a ss.  With our foreclosure purchase, it would typically take about 2 days with each offer/counter before the bank would respond (and that does not include weekends).

    You can offer whatever you want.  It really depends on how much the bank has invested in the house and how long they have had it.  We knew how much the bank had paid for it and we "guesstimated" how much they had spent in repairs so we had a good idea of what the "needed" to make the deal work.

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  • We had a counter offer back from the bank in four days, I think.  And we ended up getting the house for almost $30K under asking.
  • We got our foreclosure for 35K less than asking. We also got them to agree to pay 7.5K towards closing costs and they probably did 15K of work on the house. Because we had an FHA loan, and repairs had to be done before we could buy it, the process was long, drawn out, and very stressful.

    We're buying our house from HSBC, and from start to finish they've been nothing but terribly incompetent and not at all concerned with that fact. We signed our contract on June 15th and we close on Tuesday. I think we've had an unusually terrible experience in that way, though.

  • I think it's absolutely ok to offer less than the asking price. We are closing on a foreclosure in 3 weeks (very excited) and we just went to look at the house 4 weeks ago. We made a low offer which they didn't accept. I think it's better to ask and at least get a "no" than to not ask and always wonder. We then offered our maximum offer and they didn't accept until they found out we were not going to accept their counter offer then they said "ok, you can have it" haha. Foreclosures usually require lots of renovations so try to get it for as low as possible. Good luck!
  • we paid asking for our foreclosure (but the price had been lowered twice, so it wasn't their original asking price) because we were bidding against someone else.  we still got it for way less than the comps and it appraised for a lot more than we paid, so we're happy.  we bought from bank of america, and closed about 7 weeks after our initial offer.
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