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Disneygirl
Disney cruise bound!
Member since 5/05 8126 total posts
Name:
D
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Anyone ever buy a foreclosure? Update: They accepted our offer!(with pic)
We found a great house that is bank owned. It was foreclosed over 3mths ago so it's been sitting on the market for awhile and the price was dropped $20k since it was originally put on the market. We put in an offer of $13k below the asking price because it was at the top of our price range and can't really afford the asking price plus the $$ to fix it up. Just wondering what the odds of the bank actually accepting our offer. We're kind of hoping they are just dying to get it off their hands I guess. Do banks usually go back and forth with negotiation or is a straight forward yes or no?
Update:
They got back to us fairly quickly (in 2 business days) with a counter offer of $10k more so we countered that with an offer in the middle $5k more. We'll we just heard this am that they accepted our offer!!!  
Provided that inspection goes well I will soon call this place my new home!
Message edited 11/21/2008 4:18:46 PM.
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Posted 11/14/08 7:02 PM  |
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Jenn627
Laaaaaaaambert!
Member since 5/08 9818 total posts
Name:
Jenn
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Re: Anyone ever buy a foreclosure?
My brother just did. He offered 20K below asking and they accepted...
I don't know if they go back and forth - I would assume they would, b/c like you said - better to get it off their books.
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| Posted 11/14/08 7:12 PM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Re: Anyone ever buy a foreclosure?
we hit week 3 of waiting on ours.
We got a call last friday asking for more info on property and were told we were the only bid.
Yesterday my buyers agent called...2 more offers are in.
We put the bid in for what they were asking.
DH's co-worker purchased one this summer, turnaround time was 8 weeks.
good luck!
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| Posted 11/14/08 8:17 PM |
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Disneygirl
Disney cruise bound!
Member since 5/05 8126 total posts
Name:
D
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Re: Anyone ever buy a foreclosure?
Posted by Janice
we hit week 3 of waiting on ours.
We got a call last friday asking for more info on property and were told we were the only bid.
Yesterday my buyers agent called...2 more offers are in.
We put the bid in for what they were asking.
DH's co-worker purchased one this summer, turnaround time was 8 weeks.
good luck!
Thanks good luck to you too.
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| Posted 11/14/08 9:10 PM |
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LemonHead
Sour Girl
Member since 3/08 5271 total posts
Name:
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Re: Anyone ever buy a foreclosure?
We offered lower than their asking price, ended up negotiating, and agreed on a price that was still lower than their asking price.
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| Posted 11/15/08 10:04 AM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Anyone ever buy a foreclosure?
We bought a foreclosure and offered 4% lower than asking, plus 5% back for closing costs. The asking price had been reduced (huge) twice between the time we saw it online and the time we went to see it. We put our offer in on a Friday and the bank got back to us two days later on that Monday! The only things they wanted to change were the closing costs (only lowered by $200) and the closing date (wanted it earlier). We accepted that same day. Our experience was very quick and easy. Good luck!
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| Posted 11/15/08 6:21 PM |
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Disneygirl
Disney cruise bound!
Member since 5/05 8126 total posts
Name:
D
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Re: Anyone ever buy a foreclosure?
Posted by CaMacho
We bought a foreclosure and offered 4% lower than asking, plus 5% back for closing costs. The asking price had been reduced (huge) twice between the time we saw it online and the time we went to see it. We put our offer in on a Friday and the bank got back to us two days later on that Monday! The only things they wanted to change were the closing costs (only lowered by $200) and the closing date (wanted it earlier). We accepted that same day. Our experience was very quick and easy. Good luck!
Wow that's awesome! I  things can go that easily for us.
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| Posted 11/15/08 9:26 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: Anyone ever buy a foreclosure?
Depends on Where you are. A friend bought in Port St. Lucie Florida and it was 2.5 months total but FL housing market is pretty rough right now so maybe thats why it was qicker. In NY I heard as long as 5 mths.
Sending quick vibes for you! (housing dust)
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| Posted 11/16/08 8:11 AM |
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MrsO
Big Brothers to Be
Member since 1/07 4520 total posts
Name:
Maureen
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Re: Anyone ever buy a foreclosure?
I can't answer your question - but where can you find out about foreclosures?
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| Posted 11/16/08 10:34 AM |
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Disneygirl
Disney cruise bound!
Member since 5/05 8126 total posts
Name:
D
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Re: Anyone ever buy a foreclosure?
Posted by MrsO
I can't answer your question - but where can you find out about foreclosures?
We weren't specifically looking for a foreclosure it just happenend to be one of the houses our realtor showed us that matched our criteria. It was listed on MLS but not sure how you can only look for foreclosures.
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| Posted 11/16/08 11:16 AM |
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Disneygirl
Disney cruise bound!
Member since 5/05 8126 total posts
Name:
D
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Re: Anyone ever buy a foreclosure? Update: They accepted our offer!(with pic)
bump for update 
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| Posted 11/21/08 4:19 PM |
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gforce
My other love!
Member since 5/08 1744 total posts
Name:
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Re: Anyone ever buy a foreclosure? Update: They accepted our offer!(with pic)
wow, it's beautiful!
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| Posted 11/21/08 4:31 PM |
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joenick
Us
Member since 6/06 9370 total posts
Name:
Valerie...aka...Do Me A Favor?
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Re: Anyone ever buy a foreclosure? Update: They accepted our offer!(with pic)
That house is GORGEOUS!!
WHere is it located? Just beautiful! 
Can't wait to see pics of the inside!
Good luck to you!!!!!!!! 
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| Posted 11/21/08 4:33 PM |
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Re: Anyone ever buy a foreclosure? Update: They accepted our offer!(with pic)
Congratulations!! Is it on LI?
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| Posted 11/21/08 4:34 PM |
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Disneygirl
Disney cruise bound!
Member since 5/05 8126 total posts
Name:
D
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Re: Anyone ever buy a foreclosure? Update: They accepted our offer!(with pic)
Posted by Seles81
Congratulations!! Is it on LI?
Nope this is a move of a lifetime for us, we're off to Texas!
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| Posted 11/21/08 4:37 PM |
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Kris92
LIF Infant
Member since 5/08 298 total posts
Name:
Kris
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Re: Anyone ever buy a foreclosure? Update: They accepted our offer!(with pic)
Congrats!! That is a beautiful house! Best of luck
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| Posted 11/21/08 4:38 PM |
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anjerandunder
Positive thoughts worked!!!
Member since 6/06 1909 total posts
Name:
J
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Re: Anyone ever buy a foreclosure? Update: They accepted our offer!(with pic)
Congratulations!! The house is gorgeous!!
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| Posted 11/21/08 4:40 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Anyone ever buy a foreclosure? Update: They accepted our offer!(with pic)
beautiful!
We are doing the same thing- but we picked FL
I hope the process is as quick for us
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| Posted 11/21/08 4:41 PM |
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jennandrob
mom of two!
Member since 5/05 4368 total posts
Name:
Jenn
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Re: Anyone ever buy a foreclosure? Update: They accepted our offer!(with pic)
WOW - gorgeous house! Congrats!
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| Posted 11/21/08 4:44 PM |
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MrsS2005
Mom of 3
Member since 11/05 13118 total posts
Name:
B
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Re: Anyone ever buy a foreclosure? Update: They accepted our offer!(with pic)
Congratulations! Good luck with everything.
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| Posted 11/21/08 5:04 PM |
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ILJ619
LIF Adult
Member since 6/06 1985 total posts
Name:
Irene
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Re: Anyone ever buy a foreclosure? Update: They accepted our offer!(with pic)
i was going to ask if it was in texas. it looks like my friends house. good luck to you its nice. 
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| Posted 11/21/08 5:09 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Anyone ever buy a foreclosure? Update: They accepted our offer!(with pic)
Glad it was a quick process for you too!!! It's gorgeous, congrats!
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| Posted 11/21/08 5:14 PM |
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mom2mgn
Love my family
Member since 2/08 2267 total posts
Name:
Christine
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Re: Anyone ever buy a foreclosure? Update: They accepted our offer!(with pic)
Congrats!! Where in Texas? We've been thinking about moving there for a while. DH can transfer to the DFW area if he wants. It's so tempting.
Lots of luck!
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| Posted 11/21/08 5:22 PM |
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Disneygirl
Disney cruise bound!
Member since 5/05 8126 total posts
Name:
D
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Re: Anyone ever buy a foreclosure? Update: They accepted our offer!(with pic)
Posted by myson220
Congrats!! Where in Texas? We've been thinking about moving there for a while. DH can transfer to the DFW area if he wants. It's so tempting.
Lots of luck!
That's exactly where in Tx! We loved it down there. The house is actually just south of Dallas. It's closer to Arlington actually which is right smack in the middle of Dallas and Fort worth. Housing is so cheap down there!
Message edited 11/21/2008 5:39:51 PM.
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| Posted 11/21/08 5:39 PM |
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OStewarts
LIF Adult
Member since 11/07 1096 total posts
Name:
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Re: Anyone ever buy a foreclosure? Update: They accepted our offer!(with pic)
What a beautiful house. May it become a Happy Home for you. Best of Luck!
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| Posted 11/21/08 7:13 PM |
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