6 Replies

You can always make offers on foreclosures (some limitation if it's in an owner-occupant bidding period only) but just know that you will be playing by their rules. Some banks may negotiate with you but that is not often. The big foreclosures owners like Fannie Mae and Freddie Mac almost never negotiate. And if you don't like how they are treating you, its too bad for you, they have no sense of money and only follow their strict criteria on how they sell their properties.

Originally posted by @Mark Gallagher :

@Colin Smith

That's not true. You can make an offer and it is certainly negotiable. 

HUD and Fannie Mae have an owner occupant bidding period for the first 2-3 weeks where investors cannot bid on them unless they intend to take the property as their primary residence. As for negotiation, the list price does not necessarily mean that you have offer that much, but once your offer is accepted, it is rare they will negotiate beyond that point, in my experience.

@Colin Smith

That's true, Fannie Mae First Look is 20 days where investors can not bid, but the OP didn't make any mention of owner occupant periods. HUD owner occupant periods depend on the type of property.

That's correct also that once your offer is accepted there price isn't negotiable (most of the time). These properties are sold as-is and your offer should reflect that.

I don't think the OP was referring to either of the cases you mentioned. Simply wanted to know if he had to offer list price or not. Correct me if I'm wrong @George Gipson III

Okay the foreclosure is listed $72,000 by bank. I want to say offer $60,000 for example, do they ever say okay will do 65,000. Or is the listed foreclosure price set and only decrease if no buyers. I live with parents so I am leaning towards buying a rental property then buying me a home. Just have to be careful where to use the FHA loan