How negotiable is that Foreclosure property?

Real Estate Agent with EWM Realtors

I think there is a misconception on Foreclosures, working foreclosures is not an easy job you must educate your buyer so when he/she finds a foreclosure they like they don't loose it because of putting unrealistic offers.

I have noticed specially in the last couple of months that when a really good foreclosure comes out- and I will limit this to the Brickell area- there will be multiple offers on the unit and if the unit is located in one of the higher end buildings the unit will sell for more than asking price.

So how would you answer the question of how negotiable is a foreclosure? Well it depends on a number of factors such as time unit has been on the market, location, condition of the unit and how many other similar units are in foreclosure in the same building..... to name a few.  It's important for people to understand that foreclosure properties are priced to sell and a bank will consider the best and highest offer always.  I always tell my clients, here are the comparables -if the unit is well priced than give your best number and don't get upset if you get out-bid big another buyer whom offered $5000 more....don't loose out- if it's worth full price than offer full price or somebody else will.  Granted this does not apply to every situation but so far in Brickell it's hapening more often than not.


Comments (0)