Colli Real Estate

How do I know what to offer on a bank foreclosed property that is being sold by a realtor for the lendor?

We are looking at a foreclosure property in the DC Metro Area. The list price is $675k and is close to the market price for the area. Now, by looking at county records, I found that the home owners had bought the house in 12/2003 and paid $543k. So, the outstanding mortgage would have been much less than the asking price of $675k. Any idea how low a bank might go?

The bank is going to go with the most reasonable offer it receives. What the buyer paid for the property in 2003 is quite irrelevant here. You have no idea if it was refinanced during that period and equity taken out as a result of the new finance. Think about it. Would the owner let it go with that much equity in it ??? I think not. It would have been sold for as much as possible to avoid foreclosure.

Your realtor should provide you with evidence of recent comparable sales in the immediate area as a guide to what the property’s current market value is. Make your decision from the information provided and also be aware that the bank isn’t going to sell for less than it wants to. These days, banks are holding onto foreclosed properties for six months or longer, until they get the offer they want.

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