OfflineI have found a beautiful property that is now bank owned due to contractors unable to sell after house was completed. The bank has been sitting on this property for two years now. It is a beautiful home in an even better location. Although there are no previous owners and the bank has held onto it for so long, they are not budging on the current price? Is it even possible to get a lower price than what they are asking? I have read Deans new book and it has helped a great deal with getting me started, but he doesn't mention how to negotiate with the bank or if it's even possible. Any feedback would help a lot.
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Hey Marc, i have read your situation, the Bank WILL accept a lower offer than what it is listed for! Especially because you have some negotiating POWER(the property's had 2 birthdays!) All you need to do is propose your offer and back it up with excellent points(like average DOM, COMPS, etc), you need to show them that by them NOT taking your offer they will inccur more HOLDING COSTS then they already have, and they're better off cutting their LOSSES NOW and walking away, good luck, SULLY
YOUR HERO, SULLY
if i can get the name of the bank who owns the property I might have a chance to try to negotiate a lower price. The realtor representing the property claims the bank will not accept alower bid. The property has been reassessed and is the amount is lower than the asking price.
hold properties for 2 or 3 years & not drop the listing price. They don't deal
as well as prior to the feds bailing them out. Also remember if the property is Fannie Mae then they even stick to the price more. The agent must theoretically submit any offer, but good luck on that also. Sometimes it's just better to move on to the next house.