Negotiating Banks Foreclosures
Negotiating Banks Foreclosures
Neogotiable Foreclosures?
Banks do not generally traded on foreclosed homes? How much do they can negotiate in a house of $ 109,000 excluded?
I bought a pair of banks in property or real estate owned (REO) homes that had been mortgaged in MD in a "hot" market years ago. In the first case gave me the selling price (which in hindsight was too high) and in one case I offered a 79% to ask (and in retrospect, might have fallen to 65% of order, and probably still had my offer accepted). At that time, banks are trying to be more aggressive in their list prices, because the market was hot, but still took less than asking that the house had been on the market for a while or not in a neighborhood first. The price of $ 109k not providing sufficient information. Also note the comparable sales, market day, the No. of similar homes in the market in the same area, the condition of the property, and the terms that the bank will accept (many bank owned properties are sold "AS IS", with few contingencies) against the sellers accepted the other conditions. All of the factors that could lead to competition and its bid up or down, depending on how is formed.
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