Smart Advice For Making Offers on the Bank Owned

Traditionally, when a homeowner puts their home up for sale, a buyer can make a decent offer and possibly negotiate the list price.
Then, ask for so many days to inspect the property, and if there are any repairs needed, the buyer can negotiate the price some more. Negotiate with a real live seller that wants to sell and then move on to wherever they are moving on to. That's traditionally. But times have changed. Now there are foreclosures on the market and there is NO room for negotiations.  When a bank has taken back a home, they send out a professional real estate agent to take a look at the property and it's surroundings.  We have to look at the community and the recent sales. Then we have to take a look at the condition of the property. If there are repairs needed, we have to get estimates from repair companies on how much it will cost to FIX the repairs.  That way, the Bank, even though has never stepped foot in the House, has a very good idea of what they can sell the House for.

So, they take the information and usually price it beneath the Market Price.
So, that means the price is ALREADY the bottom price. If a buyer offers under the list price, chances are, the offer will not even get looked at. And if the buyer asks for contingencies like asking for closing cost help, their offer will probably find it's way to the trash can.
Bargains attract savvy cash investors that have an eye for fixer-uppers. And if they want to inspect, they'll get it done before making the offer. They snap Bank Owned properties up before you can even get your pen out to write that low-ball offer! Buyers need a good agent to educate them on the tips on how to write an offer on these deals that just might get them that property at that great price.