Can you lowball a foreclosure?
Regarding this, can I offer less on a foreclosure?
If there are no offers on the REO home, you can probably offer less than list price and get your offer accepted. However, if there are more than two offers, you will most likely need to offer above the asking price. If there are 20+ offers, bear in mind that some of those offers might be all cash.
Furthermore, will bank pay closing costs on foreclosure? Advantages: Bank is motivated to get property sold and will negotiate price, down payment, closing costs, escrow length, etc. Title will be clear; buyer will not take on any liens, mortgage or back taxes of prior owners. Property will usually be listed on MLS; bank will pay real estate agent's commission.
Thereof, how much should I pay for a foreclosure?
Buyers typically must contribute a minimum amount of their own cash to buy a house, known as the down payment. Lenders typically require 3.5 percent to 20 percent of a foreclosed home's price as down payment.
Does Fannie Mae negotiate on foreclosures?
You can find a great deal on a home with Fannie Mae's help. Through HomePath.com, Fannie Mae sells homes they own that have gone into foreclosure. You can negotiate a Fannie Mae home by making an offer, but as with any home purchase contract, you may lose out to someone who is willing to pay more.