how much less should you bid for a home in current forclosure? asking 294k and been in forclosure 1 month..?

Answer 1

how much is owed to settle the liens. Go with that amount

Answer 2

See if your Realtor can find out how much you NEED to bid for it to be able to close. If you go too low, the lender won't accept it.

How long has it been on the market? Have they lowered the price during that time? WHAT IS IT ACTUALLY WORTH???

For example - if it hit the market today, and it's worth $400K... then bid $305 and hope you get it before someone else does...

If it's been on the market 300 days, and it's worth $294, AND there's only $250 owed.... then maybe $265K.....

Answer 3

My real estate agent told me this:
When bidding on a house to it's owners, you don't want to go too low and insult the owners. When bidding on a house to a bank (foreclosure, short sale, etc) you can bid as low as you want, the bank isn't going to be insulted. They will either say yes, no, or counter offer. They don't care. You could bid $1 (they'd come back with "no" but still...)

I'd go something like 240 or 250. Doesn't hurt to try

Answer 4

chilly put your offer in based upon your review of the recent sales in the area. Similar homes and what they sold for. Just because it's a foreclosure doesn't mean that you automatically put in an offer with a X% discount. It may be over priced by 25% or under listed already. You have to evaluate all of the relevant data.

Answer 5

You bid however much you feel comfortable in bidding! Whether or not the bank or asset company accepts that bid may be a different story.