[Yetti]

I have a a couple questions for those of you who have made the leap.

1. how hard did you low ball the bank?

2. If they turned it down did the bank rebut your offer with a counter or just not answer?

3. what kinds of hoops have people been forced to jump through to get in?

 

[RDK_YJ88]

What I have experienced was that banks did not like to accept offers. However they did always make a counter offer, we were never just left hanging. Although about 2 hours before closing they tried to stick a $5000 fee on us that they agreed to cover before any offer was even made. Just have patience and stand your ground.

 

[97jeepcherokee]

lowball the shit outta them, i got my house for 60k and they were asking 89k i had to remodel the entire house but yada yada yada, the bank did make a counter offer and then i made another offer, i think i offered 50k then they came back with 75k then they took my 2nd offer of 60k. good luck on buying a house :woot:

 

[TanTahoe]

Finally got in ours. We had to go above the banks asking price to get it. There was alot of activity on this house.

All depends on were the house is located and how long it was/has been on the market.

We did have a few offers the bank flat out declined on some houses, usually about 20,000+ grand the bank will just decline. Most banks are usually only look to drop the price by about 10% of the asking price.

 

[RDK_YJ88]

lowball the shit outta them, i got my house for 60k and they were asking 89k i had to remodel the entire house but yada yada yada, the bank did make a counter offer and then i made another offer, i think i offered 50k then they came back with 75k then they took my 2nd offer of 60k. good luck on buying a house :woot:

Definitely low ball the shit out of them!

 

[gp320]

yea we got our house for 20k it was on the market for 2 hours so we got pretty lucky but we low balled on a few other houses when we were looking they were asking like 33k on another house we offered like 25k and another person bought the house for 45k so it kinda depends who else wants the house and how much work needs to be done to it before you get it how you want it ya know?

 

[Flexin' XJ]

We paid asking price for ours. We looked at it the day it went on the market. We felt it wouldn't be long and it would be gone so instead of trying to lowball them and possibly lose the house, we offered asking price with them paying closing costs.

 

[kerryann]

I have a a couple questions for those of you who have made the leap.

1. how hard did you low ball the bank?

2. If they turned it down did the bank rebut your offer with a counter or just not answer?

3. what kinds of hoops have people been forced to jump through to get in?

1. We offered 10k less than they asked and then asked for an additional 10 after the inspection.

2. we had several offers turned down and only one counter offer when we were looking.

3. our purchase was smooth but we had to put almost 40k into our house and we did most of the work ourselves.

 

[Yetti]

Finally got in ours. We had to go above the banks asking price to get it. There was alot of activity on this house.

All depends on were the house is located and how long it was/has been on the market.

We did have a few offers the bank flat out declined on some houses, usually about 20,000+ grand the bank will just decline. Most banks are usually only look to drop the price by about 10% of the asking price.

I did a walk through with a buddy who's an agent and he said the house was a white elephant. its a niche home with a very narrow market. I figured asking 25% less then the price posted then out of the blue the bank jacked the price $214.5K it is now listed at $639,500.00!!!!! I about shit.
so I have been checking around the appraisal sites and it shows $425 as middle of the road for where it is. one site shows it as $299,900. I figured I would ask about that.

 

[TanTahoe]

I did a walk through with a buddy who's an agent and he said the house was a white elephant. its a niche home with a very narrow market. I figured asking 25% less then the price posted then out of the blue the bank jacked the price $214.5K it is now listed at $639,500.00!!!!! I about shit.
so I have been checking around the appraisal sites and it shows $425 as middle of the road for where it is. one site shows it as $299,900. I figured I would ask about that.

Just wondering, it this in fowlerville, on about 10 acres with a barn? Fairly new construction (last 10 years)

 

[Yetti]

no this one is in Dexter. its a 10.01 acre with a huge house. I only went to look to quiet the wife down about it. its gorgeous but the out going people stripped it. they left doors and no hardware, gutted the shelves out of every closet, took every knob off every cabinet, took almost every bulb & light fixture. the kitchen is about 20 years old with all its original appliances...yuck. it needs every kind of repair plus it has been empty about a year and a half. it has frost damage and there are busted pipes.

 

[KartRacer]

I had to go full price on the one I bought. Luckily I did because there was more than one offer in before mine, and one was a cash offer. So it really all depends on how much activity the house has. It helps to have a good realtor, and also helps for him to have good relationships with the realtors that have the houses listed that you are looking at. Your realtor should be able to give you good advise on what to bid on each house.

 

[Yetti]

My pal at work said if your not embarrassed by your offer its too high.

 

[Tie Dyed]

The first offer we put in on our house, was about $25,000 less than what the bank wanted. We got a call two days later saying the bank wanted our "highest and best" as there was another offer. We came back with asking and got it.

I think our Realtor was playing games, as every house we looked at seemed to have a lot of interest on them.

 

[jeepfreak81]

The first offer we put in on our house, was about $25,000 less than what the bank wanted. We got a call two days later saying the bank wanted our "highest and best" as there was another offer. We came back with asking and got it.

I think our Realtor was playing games, as every house we looked at seemed to have a lot of interest on them.

This is what happened to me as well. I think the my Realtor played games. I won't use her again.

Mine was a repo that was real estate owned. (not the same real estate as my agent.)

 

[Yota Bill]

When I bought my house, which was a repo, I looked at it without the realtor the day before it went on the market, and then met her here the next night after I got out of work. We looked over the house and property, then went back to the office and put in an offer for about 5k under asking, with seller paying all closing...the bank came back the next morning with that same "highest and best" statement, so I offered the asking price with them paying all closing, and they accepted that, so it worked out to basically be a few k under asking. As far as I know, there were no other offers on it, and like I said, my first offer was made on the evening of the first day it was on the market.

To me, that seemed more like they wanted to sell it to me, and get as much as they could, but the person handling it on thier end either didnt know what to counter at, or didnt want to work very hard. It seemed like a cover-all-bases move.

 

[RockyMTN05]

My cousin bought a foreclosed house in Ypsilanti a few months ago. The bank was asking $62k, he offered $42k....they countered back at $53k, then he countered at $47k and they accepted.

I'd say, reasonably, you should be able to get about 10-20% off their asking price, depending on the property (and also your downpayment/cash/credit).

 

[84Scrambler]

I think our Realtor was playing games, as every house we looked at seemed to have a lot of interest on them.

A realtor playing games??? No way... Maybe it is because the more you pay, the more they make in commission. Maybe it is just me, but when someone is representing me as a buyer, they should be paid on what I SAVE. Ultimately, a buyers agent is still paid by the seller. Somehow that just doesn't sound right...

 

[NSmist]

it has frost damage and there are busted pipes.

That defines a lot of the houses that foreclosed around me. Friend of mine's father actually bought the place next door to his for 30k. Busted pipes...nothin like burning away a couple thousand worth of hard wood flooring.

See if the realtor gets specials or gift cards sent to them. They ended up with $2,000 worth of Lowes gift cards from theirs.

 

[cjric]

I bought a foreclosed house a couple years ago, just as the real estate market was crashing. The foreclosed mortgage was for 69K. The house was listed at 45K, then relisted 6 months later for 29K. I offered 9K and the bank countered w/ 10K.

Banks HATE having real estate on their books. THey are in the business of liquid cash. They all have a TON of real estate holdings right now that they do not want. The banks are responsible for taxes, maintenance, upkeep, fines, etc. You are doing them a favor by taking it off their hands, no matter what the price.

I talked to a realtor that represents banks in transactions. The banks were authorizing 15-20K of renovations on property in Battle Creek that had listing prices of 8-12K, just to get them out of their hands.

If they are upping the price, that is most likely the local representative of the bank. THey are simply an agent authorized by the out of town bank to make decisions on the banks behalf.

Make sure the bank hasn't abandoned the property and has everything paid up to date. If there are fines, back taxes, lawn mowing fees, etc. you will be responsible for them.