Oh Foreclosure
Buying a foreclosure home. Need a little advice.?
My husband and I are looking to buy our first house. We have found a few foreclosure’s we like. We are wondering what do we offer on it. They are nice homes and homes in that area are selling in the range of $180,000 – $200,000. The two homes we are looking at the bank’s are asking $180,00 0 for one and $170,000 for the other. One needs a little more work then the other. So my question is, how low should our offer be if we were to make one? Someone told us 20% but I thought that was really low. Now I live in Michigan where there are lots of houses for sell and it’s really a buyers market here. Oh, both of these homes have been on the market, in foreclosure for 3 months now if that matters. Thanks for your help!
There both in a very nice subdivision. They are just about 10 house’s apart from each other. There both in a great area and there were both built in 2003
I think 20% is a good start if you are just a regular homeowner. A lot of my friends who do this professionally start making a counter offer at least 35% below asking price for a foreclosure. A lot of times even lower. You have to know your market, and know how many foreclosures there are in your area. The banks are really feeling the squeeze because they own a record number of foreclosures – that are collecting dust, and taxes, and generating no income.
If you make enough offers at 20% discount – you will get one accepted.
FORECLOSURES, BAILOUTS AND FRAUD…OH MY!!!
