How Flexible are Banks on Foreclosures?

By
Real Estate Agent with Century 21 New Millennium

Time and time again the question comes up from my clients, How flexible are the banks on a foreclosure property?

Well based on my experience with these type of deals, more and more banks are paying for closing costs and will negotiate on the sale price.  Of course they want to make the most money possible on a sale but it never hurts to make an offer.  The best they can do is accept it or Counter-offer.

My last foreclosure deal closed and when all was said and done, the bank payed 3% in seller subsidy and accepted a sales price of $5000 under list price.  It's all about negotiation.

Let Stacy Magid help you buy your next home.  Call me today and we can get started!!

 

Stacy Magid
REALTOR® 
Licensed in Virginia

Coldwell Banker Elite
703-599-5337 Cell

703-445-9100 X479 Office


mailto:smagid@coldwellbankerelite.com

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If you are looking to buy or sell a home in the Prince William, Fairfax, or Arlington County area contact Stacy at stacy@stacymagid.com or call me at(571) 357-2748. Put my record of great customer service and experience to work for you. 

 

 

Stacy Magid
REALTOR®
USAA MoversAdvantage Preferred Agent

 

Century 21 New Millennium
12581 Milstead Way Suite #400
Woodbridge VA 22192
703-599-5337 (cell)
540-658-2185 (fax)
www.princewilliamhomesales.com
stacy@stacymagid.com
PWAR  Top Producing Team

 

 

Short Sale & Foreclosure Resource Specialist
Licensed in the Commonwealth of Virginia 

 

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Location:
Virginia
Tags:
buying a home
foreclosure
prince william real estate

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Rainer
3,505
Corinne Shepard
Realtor
Better Homes and Gardens

Good tid bit of information.  Banks will negotiate but it also depends on the REO officer who is holding  the listing, some won't budge.  It never hurts to try, you have to start somewhere.

November 10, 2007 08:00 PM
Rainmaker
462,712
Trey Thurmond
College Station , Texas Homes
BCR Realtors

I have handled 4 foreclosure listings over the last 2 months . The representative were willing to be reasonable, which is not what I witnessed in the last downturn. Back then some banks sat on their inventory until the cows came home and the bank was forced to close by the FDIC. When I say reasonable   that       doesn't  mean give away the bank , it means they want to get it sold.

November 10, 2007 08:10 PM
Rainmaker
1,072,243
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Real Estate Services You can Trust!
Flexit Realty "Flexible Home Selling Solutions"
Hi Stacy, I have found lenders and the mitigation departments to be more flexible when actual information is used, photos, repair costs etc.  Rarely have I found a foreclosed property in move-in condition.  Nice post Stacy.
November 12, 2007 05:54 PM
Rainmaker
77,096
Stacy Magid
Century 21 New Millennium

Gary, I have a foreclosure that is in move-in condition.  We have so many foreclosures in our area that are brand new or close to brand new and are immaculate.  Then of course there are the other ones that are infested with roaches and stuff. 

I am starting to notice that the banks are getting ever more and more flexible as days on market increase. 

November 13, 2007 07:22 AM
Rainmaker
196,326
Nick Good
www.TheGoodHomeTeam.com
The Good Home Team with Keller Williams Realty

It seems like every client I have right now wants to buy a foreclosure... and thats when I know the headaches begin.  I closed on a property a month ago that was one big headache... when I first talk to the listing agent they told me that the bank would not allow my client to roll in his closing cost (turned out to be not true) and I did not know until the house was under contract that the title policy would be my buyers responsibility (a little bit my fault for not going back over the small line a 3rd time to see what it had actually said)... in the end I was able to talk to the listing agent to talk to the bank to allow us to bump the sales price to roll in his closing cost, but it really was like pulling teeth.

 

I think there should be a more uniform contract and requirements for handling foreclosures! 

November 15, 2007 11:03 PM
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Rainmaker
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Stacy Magid

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Additional Information

Information for Buyers and Sellers about Real Estate in Prince William County and Surrounding Areas Prince William Home Sales by Stacy Magid

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