- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Real Estate Question: Haggling a Foreclosure
Posted on 11/20/14 at 2:20 pm
Posted on 11/20/14 at 2:20 pm
Say I am looking at a home that the bank is asking $450k for and I offer them $350k.
I understand I am low-balling......the house has been bank-owned for 18months.
What are the realities in securing a price lower than asking?
I understand I am low-balling......the house has been bank-owned for 18months.
What are the realities in securing a price lower than asking?
11
Posted on 11/20/14 at 2:21 pm to CharlesLSU
Personally, I'd post this on the money board as well 
Posted on 11/20/14 at 2:21 pm to CharlesLSU
Who gives a frick.. either they accept it or not... you've got nothing to lose.
Posted on 11/20/14 at 2:23 pm to CharlesLSU
quote:
What are the realities in securing a price lower than asking?
quote:
bank-owned for 18months.
The reality is that it is a somewhat realistic expectation.
Posted on 11/20/14 at 2:25 pm to CharlesLSU
quote:
What are the realities in securing a price lower than asking?
I bought an executive McMansion that had been taken back from the bank twice, I low balled, they countered, I countered, and got it for about $75K less than they were asking, lived in it for four years, updated it, and sold it for about $200k more than I paid for it
Posted on 11/20/14 at 2:26 pm to 777Tiger
quote:
I bought an executive McMansion that had been taken back from the bank twice, I low balled, they countered, I countered, and got it for about $75K less than they were asking, lived in it for four years, updated it, and sold it for about $200k more than I paid for it
THAT is my hope.
yank, I understand saying frick it.....that's why we may. No harm in trying.
This post was edited on 11/20/14 at 2:27 pm
Posted on 11/20/14 at 2:28 pm to CharlesLSU
quote:
the house has been bank-owned for 18months.
Truthfully they don't care how long they have owned it because their maintenance cost is offset by HUD, FHA, VA, or whomever. Trust me I manage lots of repos for banks.
There are a lot of factors that do go into what they will accept though. It's mostly creative accounting on their part and if they need some more write offs this quarter.
Bottom line is that it's your money and it doesn't hurt to ask and try to secure the lowest price possible.
Posted on 11/20/14 at 2:29 pm to stout
Honestly, the asking price is already a steal as the comps are $600+.
Posted on 11/20/14 at 2:30 pm to CharlesLSU
Write them a manifesto about why they should accept your offer.
Posted on 11/20/14 at 2:30 pm to CharlesLSU
quote:
THAT is my hope.
not only were they willing to negotiate price, I got them to go down every item on the inspector's punch list and make it right, and even a few things that I discovered after I moved in, it was actually easier than a conventional sale(individual to individual) good luck
Posted on 11/20/14 at 2:32 pm to CharlesLSU
Yea banks don't try to make money on the houses on the market because again any losses they show are offset by tax payers anyway. Truthfully though they may show a loss but in reality they are making money on them. Creative accounting.
Posted on 11/20/14 at 2:32 pm to CharlesLSU
quote:
Honestly, the asking price is already a steal as the comps are $600+.
it has to be if you're flipping it, good thing about these type of deals is that the bank is not emotionally invested, they just want it off their books
Posted on 11/20/14 at 2:35 pm to CharlesLSU
quote:
....the house has been bank-owned for 18months.
be preparded to wait and wait and wait before they even respond, much less counter.
Posted on 11/20/14 at 2:38 pm to Supermoto Tiger
quote:
be preparded to wait and wait and wait before they even respond, much less counter.
that wasn't my experience, the bank listed it with the realtor and the negotiations were pretty conventional, in fact there is legal protocol to be followed when making offers/counter offers
Posted on 11/20/14 at 2:42 pm to 777Tiger
quote:
it was actually easier than a conventional sale(individual to individual)
I call bullshite! You're trolling.
Posted on 11/20/14 at 2:45 pm to Supermoto Tiger
quote:
You're trolling.
no I'm not, I've done quite a few deals like that and that was as smooth as any, I was in Louisiana at the time and the bank was LBA, I did three closings in one day(buying that house and selling two of mine,) and that was by far the easiest one, and as I said, they fixed everything I asked them to
Posted on 11/20/14 at 2:47 pm to CharlesLSU
quote:
Say I am looking at a home that the bank is asking $450k for and I offer them $350k.
I understand I am low-balling......the house has been bank-owned for 18months.
What are the realities in securing a price lower than asking?
Banks rarely extensively negotiate, you might get one or two counters but that's it.
I purchased my 4th foreclosure in January.
Banks like to underprice properties to get the sharks swimming and will often sell for much more than asking.
$100k is almost insulting unless it needs a shite ton of work.
Posted on 11/20/14 at 2:49 pm to CharlesLSU
quote:
yank, I understand saying frick it.....that's why we may. No harm in trying.
not necessarily, too low and you insult and depending on the person they may not counter out of spite. I have seen it happen.
Posted on 11/20/14 at 2:51 pm to Supermoto Tiger
quote:
be preparded to wait and wait and wait before they even respond, much less counter.
This happens a lot with short sales, almost customary.
Posted on 11/20/14 at 2:52 pm to Restomod
quote:The bank doesn't have feelings, slap dick.
too low and you insult and depending on the person
Page 1 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News