Laurel, MD · Member since 2017 · 4 posts · 0 votes
There was a foreclosure posted for $282,500 the owners purchased it for 230K and lost it with a balance of 185K I put an offer in for 220K and they countered at 279K, +7700 in closing, and 1K for lender required repairs. What should my counter offer be?
Hmmm...Wouldn’t be a good enough deal for my liking even if it was for my primary home. I highly doubt the appraisal will come in at the “high end” of comps. Best case scenario..you’ll get it for what it’s worth(retail $). When I bought my short sale the bank didn’t want to negotiate. Ended up getting the property for about what it was worth. If your happy with paying “retail” for your forever home then go for it. Just know that you might be overpaying...
@Christine F Baptiste you didn't list the most important part of your question, What is the property is worth?
What the defaulted loan balance is, or what the original loan amount was for is irrelevant in your scenario.
Start with what the property is actually worth then go from there on your negotiations.
What's the most you're willing to pay for it to still be a good deal for you? Banks usually don't negotiate too far from the listing price so if you are 10-20% apart, you may not get to a number that you like
@James Barnes I intend to live in the property as my primary home.
@Ray Johnson the comps have sold for anywhere btw 280 - 330. My realtor says it's worth 300; I haven't had an appraisal done yet... the last foreclosure on the same street same layout sold for 220 two months ago.
@Christine F Baptiste if they countered at $279k, your best chance is to offer your $260k, let them know that is highest and best, and walk away if they don't take it.
Hmmm...Wouldn’t be a good enough deal for my liking even if it was for my primary home. I highly doubt the appraisal will come in at the “high end” of comps. Best case scenario..you’ll get it for what it’s worth(retail $). When I bought my short sale the bank didn’t want to negotiate. Ended up getting the property for about what it was worth. If your happy with paying “retail” for your forever home then go for it. Just know that you might be overpaying...