can you negotiate on price at all when buying a repo home?

Answer 1

Sure, I've done it successfully several times. Some lenders will negotiate more than others will; it largely depends upon the market and how desperate they are to get it off of their back.

Ignore the reponses that say that it must sell for the outstanding mortgage balance. That's a commonly held misconception but there's NO truth to it at all. The market decides what the property will sell for, not any outstanding mortgage balance. They'd PREFER to sell for the outstanding balance (or more!) but in a recessionary market as we are now experiencing in some parts of the country that's not always possible.

Answer 2

It all depends on the lender that owns the property as too how much of if they will negotiate but YES you definately CAN negotiate, sometimes its just really hard. The only thing that i will say is that almost all the the bank the owns the property is not willing to make any repairs to the property and they will make you sign a paper saying you are accepting the property "as-is", so I would definately try to get it for the price you want it for!

good luck

Answer 3

You can try but most banks will not bother with you if you do. Some even have addendums to the purchase contract that state the terms are not negotiable after escrow opens.

Buyers are under the false impression that foreclosures are the best bargains out there. That's not necessarily true. They are discounted, but some private sellers are offering great discounts too.

Answer 4

Everything is negotiable . They want as much money as they can get to pay off the previous owners debt . Offer them a price and see if they nibble . You'll know if they call you back . Take 10% off the asking price , usually they go for it , and they lose only a slight profit .

Answer 5

Not really. The home is typically priced to cover the balance on the mortgage and selling expenses. Also just so you know, it may take the lender several weeks to answer an offer.

Answer 6

nicely i think of the main component to concentration at that's that it will exchange the values of used vehicles. So if a broker will pay much less it is going to possibly be relatively worth much less besides and for this reason pricing will mirror this. If there is an inflow of used vehicles into the industry it is going to diminish the values of used vehicles. while the values drop so does broker pricing as a results of staying aggressive etc. i do no longer think of they do no longer care and that i do no longer think of it capacity you will get a vehicle for a much bigger share decrease fee than primary as a results of fact pricing will persist with authentic fee.

Answer 7

If it's been foreclosed on by the mortgage company, they will not sell it for less than the balance due on the mortgage plus their foreclosure costs. Above that amount, the price is negotiable.

Answer 8

I bought a hud owned repo listed at 89,000 and made an offer of 65,000 they came back with 70,900 and that is what i paid