When purchasing a foreclosed home can you offer less than what the asking price is?
Written on December 24, 2009
I just got pre-approved and have been looking at a few foreclosed homes and was wondering if you can make them an offer less than what they are asking, or if the price of the home is as low as it can possibly be.
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Filed in: Foreclosure News.
You can always offer less than the asking price on real estate. You can also make your offer subject to certain conditions (e.g. that they can close within 30 days, or subject to your acceptance of an inspection report, or subject to obtaining a mortgage, or…).
They can always say no, or say yes, or present a counteroffer. It is a negotiation, so negotiate.
Yes you can offer less for a forclosed property. It depends on the lender and how long the property has been on the market and how desperate they are to sell the property. Best Wishes and Welcome to The world of Real Estate!
Yes you can offer any price you want. When looking at the property, make sure to ask if it is a Short Sale or an REO.
The REO is already owned by the bank and they are more willing to negotiate and get it off their books.
The Short Sale takes time to get responses on offers and generally the price is a starting point for them to get higher offers.
I purchases an REO in February, but before that I put 4 or 5 offers on the Short Sales with little feedback from the banks. One accepted my offer 2 months later… a little late.
Jamie, I sell foreclosed homes and most lenders will not accept a low offer.