bank foreclosure list
real estate bank owned foreclosure question?
When you see a bank owned foreclosure that is listed for 20 thousand dollars, will it be just a matter of contacting the bank and offering 20 thousand dallors or will the amount grow higher if more people are interested? I heard that the bank will counter offer you and it will be even higher so just wondering how it works?
When you buy a bank owned home it is just like buying any home, except you buy it from a bank. That is really the only difference. You still go through a realtor. The bank takes offers just like any home seller and they decide which offer they want to take, just like an individual that was selling their home would do. It is not just the price, it is also the terms of the lending. People who can pay cash or have a larger down payment are looked at favorably. It never hurts to offer what you can though.
Keep in mind there are SOO many REO homes right now that banks need to get rid of, so they will sell them for a reasonable price and no home should ever be sold for more than what it is worth, otherwise you won’t get bank financing or you are paying the difference out of pocket. Either way it is not a good idea to go over what the home is worth. The advantage of buying it after foreclosure is many times the lender cleans them up and you can actually see the inside. It’s a buyer market right now so just keep trying until you get one.
