Can you haggle the price when buying a bank owned home?

Answer 1

Normally the bank knows pretty much what is going on in the market and they do have either an appraisal from an independant Appraiser or a price opinion from a local realtor. They pretty much know how much inventory is on the market and how long it will approximatly take to sell a house at a certain price.

That is how they adjust and set the asking price. However most banks will have some room to negotiate and it never hurts to try.

But if the initial price is that good that there are multiple offers on the property you might luck out and will not get a counter offer from the bank. They will take the best price combined with the best conditions (like cash deal or proof of funds, fast closing, ...)

A local Realtor should be able to provide you with similare information (like a price opinion for the current market in the area) and can advise you if the price is so attractive to buyers that you need to go into negotiation with a strong offer or if the price is still not attractive enough, then you can negotiate more.

Answer 2

Everything is negotiable. The bank has X dollars invested in the home and need to get that out of it. The are going to ask for X+ to cover their costs and make a profit. But offer them X and they will probably take it. Every day they own the home is costs them money. Your real estate agent shoudl be able to help you figure out what to offer. But I would most certainly offer them less than they are asking.

Answer 3

Depends on how bad the bank wants to get this off there books. Not quite sure. Just ask them whats the worse they could say. Good Luck.

Answer 4

Depends uon how the market is in that area. If it's a buyers market, and the house is priced high, then sure. If it is priced below market and houses sell in three days with multiple offers..... offer above full price.