What do you think the bank will accept on a foreclosure?

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As a Real Estate agent you are always getting bombarded with questions from clients, and people you run into.  It seems like that Real Estate is a hot topic for most people. 

We as ActiveRain members have been challenged to write down some questions we get and to fill out the answer and share them with the community so here is one of the questions I often hear as I deal a lot with foreclosures.

Recently I was out on a showing with a client and we were looking at foreclosures in Niles, MI.  One thing I love to do is at the end of the showing is play HGTV and ask them what they liked and what they didn’t like about the home.  With foreclosures that conversation is a lot more in depth than it would be for a regular home but I play it anyways.  I think it is a nice way to lighten the mood. 

They asked me “what do you think the bank will accept on a foreclosure?”

This is a tough question to answer because you don’t want to sound dumb or like you don’t have an answer to a question but the honest truth to the matter is that we really don’t have any idea in most cases.  The only way to know what the bank will take is to have a deal that falls through they tell you what they will take.  It all depends on which investor actually owns the property.  Even though it says Wells Fargo it might not be Wells who is the actual investor, they might just be the servicer of a foreclosure.

I have seen a foreclosure deal fall apart when it was just a couple hundred bucks between having an agreement, and I have seen a bank drop thousands of dollars to get a non-performing asset off of its books.

My suggestion to them is if you feel comfortable putting an offer in at a certain price then do it!  The worst thing they can do is tell you no, and we keep looking like we were planning on doing anyways.  What if they accept your offer at the price you wanted to pay?  Usually it is well after the expiration of the contract so you can rightfully get out of the deal anyways.

So if you are looking at foreclosures and like it, then put your offer in.  You just may end up getting the home of your dreams at a HUGE discount!

Happy shopping

Jimmy Gilley
Cressy & Everett Real Estate
Niles, MI 49120
Mobile – 269-362-4841 (Primary)
JimmyGilley.com
jimmy.gilley@comcast.net