Foreclosures! Would you offer LESS than the List Price on a FNMA Homepath, a Freddie Mac, or other REO / Bank Owned House? Or would you assume that the List Price is a "starting point" for Offers?

Question

Fred Griffin Florida Real Estate, Licensed Florida Real Estate Broker (Fred Griffin Real Estate)

Answers Subscribe to Answers

Sort

Rainer
279,878

Dipti Thakkar

LAER Realty Partners - Andover, MA

On a team with Praful Thakkar

It depends.

Jun 17, 2018 11:15 PM

Upvote

1

Ambassador
2,684,769

Fred Griffin Florida Real Estate

Fred Griffin Real Estate - Tallahassee, FL

Licensed Florida Real Estate Broker

Thank you EVERYONE

Inna Ivchenko Evelyn Johnston This was the point of my question. I remember a seminar from the local Agents who do Fannie, Freddie, Wells Fargo etc. REOs and one of them said, "Do NOT waste your time offering a price below the List Price... it is a starting point, a floor that they will not go below". TYVM!

Feb 08, 2015 03:01 AM

Upvote

1

Fred Griffin Florida R...

Tallahassee, FL

Rainmaker
1,625,253

Inna Ivchenko

Barcode Properties - Encino, CA

Realtor® • GRI • HAFA • PSC Calabasas CA

Not with homepath. Homepath is usually start at market price( at least in my area). Homesearch and auction start low, but they do have a reserve. The property will never be sold for that ridiculous price you find there.

Feb 07, 2015 04:06 PM

Upvote

1

Fred Griffin Florida R...

Tallahassee, FL

Rainmaker
2,443,250

Evelyn Johnston

Friends & Neighbors Real Estate - Elkhart, IN

The People You Know, Like and Trust!

In our market Bank owned REO's will not budge even one penny for 30 days, then they magically will lower the price, sometimes as much as $10,000! No I would not necessarily advise a Client to automatically offer less than. As fast as good homes are selling it would or could, cause them to loose the deal.

Feb 07, 2015 10:07 AM

Upvote

1

Fred Griffin Florida R...

Tallahassee, FL

Rainmaker
4,319,873

Praful Thakkar

LAER Realty Partners - Burlington, MA

Metro Boston Homes For Sale

Fred Griffin if you want to generate more interest and auction like setting, lower price is better. (And for foreclosures, that's a better option, you want to stand out so....)

And of course, usual answer would be 'it depends!'

Feb 07, 2015 07:21 AM

Upvote

1

Praful Thakkar

Burlington, MA

Rainmaker
443,220

Cindy Davis

SD Home Source Realty - San Diego, CA

Gabe Sanders is correct...it depends on the home...but here in San Diego, most foreclosures sell over asking price.

Feb 07, 2015 06:19 AM

Upvote

1

Praful Thakkar

Burlington, MA

Rainmaker
4,800,132

Gabe Sanders

Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL

Stuart Florida Real Estate

It would depend on the home, Fred. There are some that I know will go for over list price and then there are others where even the REO price is too high.

Feb 07, 2015 05:30 AM

Upvote

1

Praful Thakkar

Burlington, MA

Ambassador
6,424,817

Bob Crane

Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI

Forestland Experts! 715-204-9671

Most go for less.

Oct 08, 2019 10:39 PM

Upvote

Rainmaker
943,583

Suzanne McLaughlin

Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN

Sabinske & Associates, Realtor

It has been my experience HERE in Minnesota that FNMA Homepath will not accept a lower offer, but they may accept an offer with programs for repairing the property built in, Fred.

Feb 08, 2015 03:13 AM

Upvote

Rainmaker
5,116,528

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Fred, it depends on the home and the asking price versus comparables. It also depends on whether listing agent indicated there were already multiple offers.

Feb 07, 2015 08:29 PM

Upvote

Rainmaker
2,224,473

Debbie Laity

Cedaredge Land Company - Cedaredge, CO

Your Real Estate Resource for Delta County, CO

It all depends on the house and the market. That's kind of a loaded question.

Feb 07, 2015 11:42 AM

Upvote

Rainer
97,521

Shannon Thomas

Selling Indy Metro, LLC - Avon, IN

Managing Broker, E-Pro, ABR,SRS, SFR

It really depends. I've lost homepath offers even though my buyer went over. If the house is in good shape and in a hot area its best to go over.

If its priced low and home needs repairs best to go over in hot area. It just all depends

Feb 07, 2015 09:30 AM

Upvote

Rainmaker
3,986,308

William Feela

WHISPERING PINES REALTY - North Branch, MN

Realtor, Whispering Pines Realty 651-674-5999 No.

Depends on whaat I feel the value is, how popular that property is and if I feel we are into multiple's

Feb 07, 2015 08:59 AM

Upvote

Rainmaker
3,416,038

Scott Godzyk

Godzyk Real Estate Services - Manchester, NH

One of the Manchester NH's area Leading Agents

I woudl first assess what the home is worth and deduct for any repairs. THEN looking at the asking price i know if it is priced at market value, over market value or under market value. Then i would make my offer asking if there was any other offers.

Feb 07, 2015 08:35 AM

Upvote

Rainmaker
5,879,125

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

I think it depends on the market. Here in Denver, evrey home receives offers higher than list, and think most homes are listed at fair market value.

Feb 07, 2015 08:33 AM

Upvote

Back to Top

Thank you EVERYONE

Inna Ivchenko Evelyn Johnston This was the point of my question. I remember a seminar from the local Agents who do Fannie, Freddie, Wells Fargo etc. REOs and one of them said, "Do NOT waste your time offering a price below the List Price... it is a starting point, a floor that they will not go below". TYVM!
Not with homepath. Homepath is usually start at market price( at least in my area). Homesearch and auction start low, but they do have a reserve. The property will never be sold for that ridiculous price you find there.
In our market Bank owned REO's will not budge even one penny for 30 days, then they magically will lower the price, sometimes as much as $10,000! No I would not necessarily advise a Client to automatically offer less than. As fast as good homes are selling it would or could, cause them to loose the deal.
Fred Griffin if you want to generate more interest and auction like setting, lower price is better. (And for foreclosures, that's a better option, you want to stand out so....)

And of course, usual answer would be 'it depends!'
Gabe Sanders is correct...it depends on the home...but here in San Diego, most foreclosures sell over asking price.
It would depend on the home, Fred. There are some that I know will go for over list price and then there are others where even the REO price is too high.
It has been my experience HERE in Minnesota that FNMA Homepath will not accept a lower offer, but they may accept an offer with programs for repairing the property built in, Fred.
Fred, it depends on the home and the asking price versus comparables. It also depends on whether listing agent indicated there were already multiple offers.
It all depends on the house and the market. That's kind of a loaded question.
It really depends. I've lost homepath offers even though my buyer went over. If the house is in good shape and in a hot area its best to go over.

If its priced low and home needs repairs best to go over in hot area. It just all depends
Depends on whaat I feel the value is, how popular that property is and if I feel we are into multiple's
I woudl first assess what the home is worth and deduct for any repairs. THEN looking at the asking price i know if it is priced at market value, over market value or under market value. Then i would make my offer asking if there was any other offers.
I think it depends on the market. Here in Denver, evrey home receives offers higher than list, and think most homes are listed at fair market value.