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How much should I offer for this foreclosed home?

Lower offer on foreclosed home?

  • We are looking at a house that has been foreclosed. It is sitting at $159,000, but we can only get a loan for $140,000. Do banks normally take lower offers than list price for foreclosed homes?

  • Answer:

    Yes, the bank will entertain offers below the asking price. They dont want to own it and tie our money up any longer than they have to. Just a warning, though, buying a bank owned house is a royal PAIN IN THE ***.. good luck with your purchase

meowgal8... at Yahoo! Answers Visit the source

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I'd make that offer, it isn't doing any good just sitting there. The worst that can happen is they say no.

If the home is owned by FNMA, don't expect to get it under the list price. FNMA uses local brokers to give them a BPO (broker price opinion) and then FNMA has their own appraisal done. I have yet to see a home sell for under the list price. realtor.sailor

it really depends on the value. Sometimes banks will "low ball" the asking price to get multi-bids and drive the price up. It can't hurt to ask.

a teensy-weensy bit lower

make an offer then, the worst that can happen they can say no. Most banks if sitting on a house long enough and doesn't move they will take a lower price. Just make sure you get an inspection before going all the way through with the purchase.

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