Negotiating price with the bank

My offer was forwarded to the bank and I was told that there are a few leans on the home and there is a first and a second on it.

 

I am wondering what type of price the bank will come back with and when they do, how much flexibility there generally is with being able to negotiate. Is this something that can be done? Or is it usually a take it or leave it type of offer from the bank?

 

Thanks.

Views: 31

▶ Reply to This

Replies to This Discussion

Permalink Reply by Bryant Tutas on April 19, 2011 at 6:44am
Stan. All things can be negotiated. The bank is going to want very close to market value. So figure out the true value of the house and work from there.
Permalink Reply by stanw on April 19, 2011 at 6:53am

Hi Bryant,

 

1. Is there some expectation that a short should go for a certain % less than market value? If it does go for market, what is the point of going through the trouble to get it?

 

2. I have read info indicating that if you try negotiating on the price they come back with it could complicate things and start the process over again.

Permalink Reply by stanw on April 19, 2011 at 8:16am

Does it typically help to have inspections done to show the amount of work that may need to be done to counter what the BPO says? 

 

Thanks.

Permalink Reply by Bryant Tutas on April 19, 2011 at 9:15am

Stan. Crazy isn't it? In my area short sales are so prevalent that we use those for comparable sales. So the FMV (fair market value) takes that into consideration. If you are wanting tio dispute value based on needed repairs be sure to get 3 estimates form licensed contractors.

 

Remember your initial negotiations will be with the seller. As a listing agent myself I'm looking for offers that I can justify to the lender. If a buyer can provide me with legitimate comparable sales and repair estimates then I may very well have the seller accept the offer so we can submit it to their lender.

 

The best way to get a deal on a property is to buy at the court house steps.

Permalink Reply by stanw on April 19, 2011 at 10:03am

Brian,

 

Thanks for your offer, I may call you when I am not tied up here at work.

 

Bryant,

 

Don't properties typically get bid up when they are on the court house steps? Is there a place to see houses that are going to be auctioned on court house steps in my local area?

 

Thanks.

Permalink Reply by Bryant Tutas on April 19, 2011 at 10:21am
Stan. It depends. I have seen folks getting some pretty good deals. All foreclosure sales are in the public records. In my area you can even bid online. Check the county clerk's office.

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************