re: Real Estate Question: Haggling a Foreclosure

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.