Is there a way to find how much a bank needs for a foreclosure

I was looking into purchasing a foreclosure for an owner occupied mortgage. The bank was asking or the property is listed for $199,000, now has been lowered to $184,000 after being on the market for 120days. I was hoping to offer $160,000 & they pay everything. What are the chances? The bank is Lasalle.

The windows are boarded up, only for security & all are there. I think 1 may have been broken in a failed break-in attempt. The house is one of the best looking foreclosures I have seen. Finished hardwoods thru-out. Everything is cosmetic except for a in ground pool & the septic (subject to inspection). Maybe an exposed subfloor in one of the utility closets where the water heater is located. The foundation is above grade & no rot or holes in the floor. The standard things have been done i.e. Writing on the walls, stained carpets, but again no holes. The electric is older, no 2nd ground (3rd prong) on outlets. In the past 20 years it has had an addition. It was built as a duplex, but doesn’t have an additional address registered. The addition is both accessible from the inside & out. It includes its own kitchen & laundry. With over 1.5 acres.
I do have some liquid, but planned on getting as close to 95%-90% as possible then using my current house profits for the updating & renovating.

I need help trying to locate a flexible lender. I have 3 kids & my wife is 8 months pregnant & wouldn’t have ANY problem occupying the house AS-IS.
Any help would be greatly appreciated,

Have you put in an offer yet or are you waiting for the price to drop? They may accept your offer if it’s close to their current asking price and if the property has been on the market over 100 days. Obviously the longer its on the market the more willing they are to take less.

Is there a way to find how much a bank needs for a foreclosure? Or should I just make an offer. Will the bank make a counteroffer just to make more on the property? Any help finding a lender that will approve a conventional mortgage for the above property

is this prop. listed with a r.e. agent? it must be if it is a foreclosure meaning its ALREADY been thru the couthouse auction and now the bank owns it.
Why dont you ask the agent alot of questions like what offers have already been made and not accepted… they pretty much know what the bank is willing to accept.
I would offer wayyyyyyyyyy less than the asking least 30% if not more. worse that will happen is they say no or counter offer .have the agent do the comps of recently sold houses …recently like within the last 1 -2 months.anything older than that as well as asking prices mean absolutely nothing.
In this market the foreclosures are appearing at a record pace.
what seems like a good deal today may be an awful deal looking back 6 mo. from now.
dont fall in love with the house. another one and a better deal
is prob. right around the corner next wk.

Yes it is bank owned by Lasalle. I have worked through the house with the listing agent & he mentioned that the house was under contract for 45 days with a church, but the financing fell through. Something my wife couldn’t handle. Are there somethings that I can look for on my 2nd walk through that my bank may put over emphases on. What are some of the key requirements for a conventional lender?

I think you are too fixated on how much a lender needs to get out of a property.

You can look at the foreclosure records to see how much is owed but that really isn’t a huge concern for the lender. When a lender takes back a house it generally goes into a REO asset pool that is managed by an outside asset management company. Their job is to recover as much of the current market value as possible, regardless of what the bank has “in” the property.

You are in the ballpark…make an offer and see what they say. Seeing as the financing fell through once, offering them proof of funds or no financing contingency often helps.

The only way to know what they will take is to make a offers.

Thats what I was pretty much looking for, thanks Eric.

I recently found out the property has a pending offer, so that will impact the banks consideration of my offer. I still, as everyone has suggested will submit the offer of $140,000

If there are other offers on the table currently then make sure your offer is complete, meaning all ppwk is complete and together w/ a copy of the deposit check and proof of funds letter or pre-qual. The asset manager is looking for a strong offer which doesn’t necessarily mean the highest monetary offer.

If your offer is solid and complete, often they will accept it over a half-a$$ offer even if the other offer is higher. They are looking for “highest & best”.

Thats some very good points. What are the chances of the bank paying the majority of the closing costs as part of the contract?