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re: Real Estate Question: Haggling a Foreclosure
Posted on 11/20/14 at 9:54 pm to CharlesLSU
Posted on 11/20/14 at 9:54 pm to CharlesLSU
I'm under contract on a REO (bank owned property) right now. Asking price was $180k it sat on the market for a while. They dropped the asking price to $139k and we offered $97k. They responded saying that was below they're reserve price and to resubmit if we were interested. We resubmitted at 110k they countered at $129k. We didn't wanto get into a multiple offer situation so we asked if there were any other offers on the property. There were no offers so we submitted $124k and they accepted.
1
Posted on 11/20/14 at 10:00 pm to AUtigR24
I'll add that this is my first foreclosure purchase and the process has been a breeze so far (to my surprise). I'm doing the FHA 203k loan because the property needs some rehab. The home inspection found some items that need attention so we submitted them to the bank askingb for them fix or give us a credit at closing.
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