Right now I am calling up a bunch of banks to view their foreclosure homes in hopes of a deal. Anything I should watch out for, the pros and cons of this?
Make sure you have a great idea of what current market value is for these homes in their respective neighborhoods. Just because these are foreclosures doesn’t mean the banks are going to be offering deals on them. In many cases, you will find banks trying to price at the top end of the market. Realize you will be buying these houses as-is.
do banks accept low ball offers often? It seems they would like to get the property off of their hands?
From what I’ve read on here of other people’s experiences and what I’ve noticed locally, the banks don’t seem very smart with the way they handle foreclosures. They leave the prices high too long and make poor decisions. We tried to get a house on a short sale. They got a few full asking price offers at the same time so the bankers decided to reject all the offers and jack the price up around 75% higher. The house is still sitting vacant many months later.
Sometimes you just have to be patient and watch them come down over time.
I just found a house for 115k on a foreclosure. It was a failed remodel with 1700 sq ft in a decent neighborhood. I drove by and checked it out, the inside is basically finished but the outside needs some cosmetic work. This really seems like a steal and I am really excited to talk to a Realtor tomorrow. So what should I offer?
Aside from most of the real estate affairs, I actually want to live in this house. What should I do to ensure I get it? Offering below market value like 100k or so might put it in jeopardy to other bidders. Any suggestions? (It’s been on the market for 1 day).