Im about to put an offer on a house that is a foreclosure, owened by the bank , the house is 132.900. I dont?
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Answer:
They tend not to go lower then what is owed. They could care less if it sits vacent for years, it is a tax write off.
The amount owed on the house is public record, but I bet it is 132,900
The bank is just any other owner.
I want you to pay as much as possible for my house, but I want to give you as little as possible for your house.
I wouldn't go too low with the bank. It's not like a homeowner who doesn't have as much money and might be willing to sell lower just to be done with paying mortgage payments on the house (especially if they already bought another house.) A bank usually has a ton of money and aren't hurting and often if a house is foreclosed they are making money through interest on the house. It would be reasonable to ask for a little bit lower, but I wouldn't go so far or they will just reject the offer and may not be willing to work with you (the later most likley won't happen though.)
go to the bank..
the bank takes everyone's name that is interested...and notifies them..when they are ready.. that number is the starting number the bank wants.if there is no interest..the bank will ..reduce... yes you can offer less and the bank will still take your information.
the bank will phone and notify you of your standing...
and ask if you want to continue..(not sure if it's the bank or the lawyer that phones and is then able to give the price of the highest offer and then the bidding continues,)
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