BiggerPockets

I am in the market for a home and I have come across one that I have fell in love with. It's a foreclosure that has been on the market since October of 2008. Below is the price history.
06/25/2009 Price change $195,000
02/08/2009 Price change $236,500
01/07/2009 Price change $259,900
12/04/2008 Price change $279,900
11/02/2008 Price change $307,000

As you can see they dropped it again 6/25 to 195.000. My question is...I am thinking of offering 130-140k. Am I being niave to think they will accept a offer that low? 33-35% off ? It needs some work...but mostly cosmetic. Carpet...paint....couple of kitchen cabinet doors need replacing. Well thanks in advance for yall help.

When buying a home for you own residency as oppose to an investment property, there are completely deferent motives and particulars that determine whether a deal is good or not.

The first question you have to ask yourself is not how low can they go, but how much the deal worth for you? How much you can afford and how long you think you are going to live in the house? Are you willing to risk the deal just so you can get it cheaper, or your offer is because it is within your means?
I think you will draw your own conclusion if you be able to answer those questions honestly.

ofcourse the listing agents commission is determined by the selling price. don't worry about what they 'think'.

are you in good shape to be a homeowner? how is credit, downpayment? emergency fund? steady job? etc etc etc....

lots of questions to ask yourself before jumping in on homeownership...

submit the offer. its an offer you are comfortable with. they may just take it! good luck!

You have nothing to lose with an offer. Nobody's going to be insulted or anything, as if you should even worry about that.

I don't think they will accept the offer, though. A few posters say they have had lowball offers accepted, but banks usually won't come off their current listed price very much. But this one has been on the market for a long while.

If they say no, or counter at 190 or some such, wait until the drop the price again, then resubmit. Be quick, because when it hits the "good deal" price, it will get snapped up.

Make it clear to the listing agent what you will pay. If he's not getting any action, he might call you the day or so before a price drop.

Someone beat me to it. :o( The guy I was speaking with wasn't the actual listing agent. They were partners and his partner had already presented a offer that got accepted right before I was about to put mines in. Oh well. Not to wish anything bad on someone elses blessing. LOL but if it falls out of contract I'll be there waiting. I'm thinking there is probably a good chance that it may. The property taxes are 5,600 bucks...and he was saying the county wasn't going to reasses the property until next year. So..thats a lot to escrow each month.

I'm not sure I want to know. LOL. I did come across another house that was foreclosed on. Found it by searching public records and whatnot. Only problem is the house isn't on MLS yet. I called around and finally found the listing agent. Who was suprised I was able to track them down and find out they were getting the listing. Well anyway...she is still waiting to get price back from the bank. She met me and let me in and it needs some work and she is expecting it to come in anywhere from 140k-160k. So i'm going to wait and see what the bank comes back with and go from there. Wish me luck guys..and gals.