More information please... Almost everything is negotiable unless there is someone with more cash willing to push you aside to buy.
If you are at the courthouse steps, there is a minimum bid and it GOES UP from there. The bank doesn't care and will buy it back since it already owns it.
If you are reading a Notice of Default it will go up from there, because that is only the default amount to bring the property current with the lien holder. Just forget it. No one 'gives' their property away.
If you are looking at a short sale it may be if YOU HAVE LOTS OF CASH > 25% down and that's only a maybe... Lien holders don't care, they will have an appraiser and an agent to make sure they aren't giving it away!
If you are looking at... So on and so forth.
So YES everything is negotiable as long as no one else wants it... But that's rarely what a buyer wants. Any other questions on bank owned REO or short sale properties, please contact me direct.
Michael Ackerman - Building Trust for Life - Zephyr Real Estate
The answer to your question is Yes, and of course it is. As a matter of fact as you have heard it before everything is negotiable. In case of a foreclosure property, which will be called REO (Real Estate Owned), the value of subject property was given to it by an asset manager who works for the Real Estate side of the bank. Asset managers arrive to these numbers by having had appraisers and other Real estate Agents conduct an inspection and valuation of the subject property. However they do have a tendency of over pricing them. therefore the best practice that I would when I represent a buyer, is, after entering into contract with Listing Agent, who represents the Bank or the Asset Management Company, to order an extensive inspections by Licensed inspectors. After discovering the findings go have your agent to go back (if he knows how to do this since there is a method to the madness here) and ask for credit, and use those findings as leverage to beat the price down. Not every agent is capable of doing this since it is an art. And this is one of the areas that separates the Eagles from other birds.