The Real Estate Encyclopedia
Can I Negotiate the Price of a Bank Owned Property?
Category - Home Buying Questions - Search & Offer FAQ's
Everything in real estate is negotiable. However, banks are more sophisticated about pricing than they were years ago. So those "Get a great deal on a foreclosure!" days aren't what they used to be. Lowball offers generally don't go very far. Typically, bank requirements for the submission of the offer are stated in the Multiple Listing Service listing. If you like the home, go ahead and make an offer but be ready to negotiate. Also, be very sure to read all the disclosures and documentation the bank will ask you to sign, making sure you are allowed to conduct an independent inspection and allowed to terminate the contract if the inspection shows major defects.

Also Search for Terms such as

Foreclosures, Short Sale and REO


Home Buying Questions - Search & Offer FAQ's
Home   |   About Us   |   Contact Us   |   Patrons   |   FAQ's   |   Site Map
© 2008 - All Rights Reserved.
Thank you for visiting Real Estate Wiki - the leading dictionary, directory, encyclopedia and glossary for the real estate and mortgage industries .