Want to buy a house? "Foreclosure?
When we look at the foreclosures in my area (Jacksonville, AR) in description says as they are in the hands of a bank took the seller will accept offers sometimes up to 30-60% lower than the asking price. Is this common? or is it a struggle to negotiate the price so low? Also, if I write a contingancy on offer that will receive the price difference and asked my cash offer, do you think he is going to accept? 30% is a lot of money to return a person, especially when your .. the seller (an example here) I find a house worth $ 100,000 and the seller offered me $ 70,000 (30% of the purchase price) with a $ 30,000 contingancy back. Is this a reasonable offer? (Note, I will take a loan on the entire $ 100,000. You will get all this, but to return $ 30,000 for me)
It belongs to the bank to take 30% less for the house. You could offer and see if they will sell this. But taking a loan of 100% and ask that you get a 30% cash would be FRAUD. You can offer the lower amount, the new house out before you buy it and then try to get a mortgage credit line on the actual value of the house. If the house is really worth 100k 70k to 30k and buy, have the value of equity in the house.
Jacksonville Foreclosures List