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Old October 7th, 2013, 12:40 PM   #21
caveman
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Was just looking for advice if others have bought from bank owned. Should have known better here.
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Old October 7th, 2013, 12:46 PM   #22
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We are in the house market and found a place in town that we are in love with. What I know about it was the last time the house sold it went for 150k. It's now bank owned and down to 38k. Needs some plaster/drywall repair, new carpet, some other stuff. Nothing major. My guy says come in at 35k and I'm happy with that, but it has been on the market for 6 months plus. Is thinking about offering 10k less dumb or rude on my part?
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aww dang.
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Was just looking for advice if others have bought from bank owned. Should have known better here.
Well then why didn't you say so?
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Old October 7th, 2013, 01:04 PM   #23
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What kickstand says my uncles friend does the flipper thing and was just telling my dad the same thing
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Old October 7th, 2013, 01:36 PM   #24
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Kickstand is correct! I own a few rentals and I am currently buying another. I always come in with about 75% of what the asking price is. That being said one of the houses I own was a bank owned home when I put in a bid. I paid cash for that house so I don't know how loans are on bank owned homes. But we closed in three weeks !
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Old October 7th, 2013, 02:40 PM   #25
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My grandmother who's owned over 30 homes and flipped each one says offer 80% of asking and negotiate from there. Everytime.
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Kickstand is correct! I own a few rentals and I am currently buying another. I always come in with about 75% of what the asking price is. That being said one of the houses I own was a bank owned home when I put in a bid. I paid cash for that house so I don't know how loans are on bank owned homes. But we closed in three weeks !
Good advice.

I have also noticed that if the price seems too good to be true, it's because they listed it artifically low to intentionally start a bidding war.
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Old October 7th, 2013, 08:14 PM   #26
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My house was bank owned back in 2008.......I played hardball......I literally went back and forth over 5k.

I won.

I wouldn't feel "bad" low-ballin' them. Put it an offer for 10k less and assume that they will counter. The worst that can happen is they say no.
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Old October 7th, 2013, 08:48 PM   #27
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There is a big difference between 2008 and now in dealing with banks. They don't play like they used to. It can literally take a year to close on one in some situations.
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Old October 7th, 2013, 08:55 PM   #28
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Kickstand is correct! I own a few rentals and I am currently buying another. I always come in with about 75% of what the asking price is. That being said one of the houses I own was a bank owned home when I put in a bid. I paid cash for that house so I don't know how loans are on bank owned homes. But we closed in three weeks !
He's talking about a house 'he loves', not his fourth rental property. It's only $38,000, why let it get away? Give them asking price, get the house.
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Old October 7th, 2013, 09:22 PM   #29
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He's talking about a house 'he loves', not his fourth rental property. It's only $38,000, why let it get away? Give them asking price, get the house.
That is what I would do unless the house was only worth 38,000 the way it sits. If it is a smoking deal I would rather pay asking price than pay 100k trying to find a similar place. That is a bet you have to decide if it is worth taking.
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Old October 7th, 2013, 09:37 PM   #30
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If the house has been on the market at asking price for a while then offer lower and wait for a counteroffer, if you love it and it is newly listed and listed below area value offer $100.00 over asking price and enjoy your new home. At $38,000.00 the payment wont be but $225.00 a month, no use losing a home you want over a few dollars a month.
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Old October 7th, 2013, 11:22 PM   #31
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Get set up with a local credit union or bank first, if it's being financed. Sit down and interview the loan officer and explain that you expect to close on the house you find, be it this one or the next one, in less than 30 days and that you expect them to work for your best interest. If they say it'll take longer, find another local bank or credit union. The good bank will be happy to help you close quickly.

If your "guy" is a realtor, tell him to man up and represent your best interests or fire him. He's worthless to you telling you to offer $35k on a $38,000 bank owned property thats 6 months stale. Interview a few agents and explain to them the same thing you did the bank. Again, a good and experienced realtor will gladly get you closed on a house in less than 30 days, bank owned property or not.

Once you've locked those up, make an offer on the house. Understand that in most cases there are three or more offers/counteroffers before you get an accepted offer. A popular real estate author, put it best as far as I'm concerned, "the first offer is supposed to be an insult." Offer low, 60-75% of asking price, ESPECIALLY if its been on the market longer than 30 days. In the realtor world, if your client's house doesn't sell in 30 days it's time for a price drop, 6 months is an eternity.

So...Offer low, confident you can close in less than 30 days, with financing to back you up and you'll find a deal.


FWIW in my realtor days, I've closed many bank owned properties and short sales in less than 30 days by working with good clients and able local loan officers/title companies. I closed a short sale in 10 days with a cash offer of $22k on a $36,000 house(there was over $80k owed on the house). Cash is king, but a close 2nd to that is a good loan officer at a local credit union or bank. I've also closed a "big bank" owned house in less than 25 days with a local credit union financing the deal. It can be done with good representation.

I cannot stress the small local bank thing enough if you are financing this house.

Good luck and I hope you get the place of your dreams, be it this one or the next one.
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Old October 8th, 2013, 05:21 PM   #32
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He's talking about a house 'he loves', not his fourth rental property. It's only $38,000, why let it get away? Give them asking price, get the house.
Never buy anything on emotion, there are literally hundreds of homes that you could fall in love with, they're all sluts, they all need repairs, and they'll all let other people sleep in them.
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Old October 8th, 2013, 05:29 PM   #33
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I just recently closed on my house.

We looked at / bid on a dozen bank owned, some priced close to market, some way under market.

NONE of them sold for under the asking price. A couple in the 35k range asking price were priced that low to create a bidding war, and sold for around 90k! If it's a killer deal, expect to get laughed at with your bid. If it's truly only worth 38k, then buy it for that. If it's been on the market, chat with the selling agent, find out why. They could be collecting bids.

-Rob
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Old October 8th, 2013, 05:31 PM   #34
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Never buy anything on emotion, there are literally hundreds of homes that you could fall in love with, they're all sluts, they all need repairs, and they'll all let other people sleep in them.


Now I feel cheap and dirty.

My wife and I are closing on our "Dream Home" at the end of the month.
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Old October 8th, 2013, 05:34 PM   #35
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Never buy anything on emotion, there are literally hundreds of homes that you could fall in love with, they're all sluts, they all need repairs, and they'll all let other people sleep in them.
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Old October 8th, 2013, 05:39 PM   #36
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Sluts maybe, but you know the one for you when you find it
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Old October 8th, 2013, 07:32 PM   #37
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Ask your realtor for selling comps in the area. Offer that with a contingency on an inspection. Don't believe for a second that nothing else may be wrong. Not unless you have bought a foreclosure before or you have experience with home inspections. Good luck. We have bought two foreclosures...we closed them both in 30 days. We are looking for our third. If it is a HUD listing, there is more i can tell you. PM me.
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Old October 14th, 2013, 12:44 PM   #38
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Well our 35k bid is accepted. We are waiting on the lead paint report to proceed further.
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Old October 14th, 2013, 01:56 PM   #39
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congrats.
Unless the house was built since the late 70's you should just assume there is lead paint.
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