

1,874,818
Not as flexible, it's their way or the highway. That includes making modifications to their contract.
Read a copy of their contract & you pretty much get the feel behind their stand. They've never been in it, don't care, we've got a set price based on market time.
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Fred Griffin Florida R...
Tallahassee, FL
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Candice A. Donofrio
Fort Mohave, AZ
5,585,039
banks are not in the business of holding real estate....they all want to clear their books for as much as possible, but they also know when it's time to get rid of the holdings.... cut their losses...
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Inna Ivchenko
Encino, CA
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Mimi Foster
Colorado Springs, CO
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Mary Yonkers
Erie, PA
1,112,464
Depends on so much: the bank, the asset manager and the investors behind them who are the actual decision makers, and your area/market. In my area, it is routine for buyers to ask for CC contribution and stuff like termite treatment, etc . . . and possibly a credit for an escrow holdback to repair a non-working item that would hose an appraisal . . . but banks don't tend to want to repair stuff and you have to be careful that the property is in decent enough shape to appraise. Also, with some REOs, you'll have to turn on utilities yourself for inspections/appraisal (HUDs for sure, and there's a process).
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Candice A. Donofrio
Fort Mohave, AZ
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Fred Griffin Florida R...
Tallahassee, FL
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Mary Yonkers
Erie, PA
1,638,924
They are tough negotiators and often non-negotiable, but I negotiated with every one of them I went into escrow with. I assumed they'd negotiate, I never assumed they wouldn't. I'd rather try and be fought than roll over with any effort. Some of my best negotiations were in the distressed property era of the Great Depreciation.
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Fred Griffin Florida R...
Tallahassee, FL
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Pete Xavier
Pacific Palisades, CA
2,231,519
You are correct, banks are not as flexible.
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Fred Griffin Florida R...
Tallahassee, FL
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Anthony Acosta - ALLAT...
Atlanta, GA
1,269,043
You never argue with the bank. It is already priced for a quick sale.
You do as told. Want to low ball? You are out of luck......
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Fred Griffin Florida R...
Tallahassee, FL
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Mary Yonkers
Erie, PA
1,013,938
They are getting less flexible than in the past few years. The market is definitly turning in my area to a sellers market in large part due to bank owner entities NOT negotiating.
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Jessie Cochran
Panama City, FL
1,209,271
Back in the day banks were very negotiable on their listings, not so much today.
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Fred Griffin Florida R...
Tallahassee, FL
14,254
All great answers, thank you for all your feedback.
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Fred Griffin Florida R...
Tallahassee, FL
2,448,681
1,545,944
I've known sellers who make banks look generous. Banks are not going to negotiate on repairs at all. May budge a little bit on price, but doutbfull. They don't have to sell. They don't care about property condition. Especially in our rapidly appreciating market.
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Fred Griffin Florida R...
Tallahassee, FL
3,386,608
Very inflexible and for whatever reason, the public perception is they are a steal, so they tend to get multiple offers. In those scenarios, you are competing against yourself because the banks don't counter.
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Fred Griffin Florida R...
Tallahassee, FL
5,344,104
4,412,311
Denise Amara Generally, banks are not flexible.
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Fred Griffin Florida R...
Tallahassee, FL
6,763,168
I have purchast many reo's, they make their own rules, often change them too.
Very inflexible, it they were not so cheap I would not work with them.
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Fred Griffin Florida R...
Tallahassee, FL
2,259,103
It all depends if there is PMI or MIP coverage on the property !
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Michael J. Perry
Lancaster, PA
936,418
Usually less, but some banks are more flexible than others.
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Mimi Foster
Colorado Springs, CO
1,231,903
Denise Amara It's the old rule, 'He who has the gold makes the rules.
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Anthony Acosta - ALLAT...
Atlanta, GA
1,618,024
6,051,777
5,281,152
1,772,017
796,339
69,794
Bank owned are not flexible. They want their money. But we all negotiate to get the best deal. Sometimes it works, sometimes it doesn't.
824,029
In my experience less likely, unless it is at the end of the month and they are trying to get some of them off the books. Just depends on the lender.
3,417,356
Not less, MUCH less. The terms are often spelled out up front, they are sold as is, the bank will not re-negotiate after an inspection (if they even allow one) and prices are often not flexable, but lowered every month it does not sell until it does
8,232,413
You take advantage of the opportunities but have to live with the system.
634,582
During the recession I handled a lot of REOs. My experience is MUCH LESS LIKELY to negotiate with the buyers. These transactions are not like the usual buyer-seller negotiations. Banks follow a formula, not that they won't make any concessions but significant variations are not likely.
4,788,809
It depends on the market conditions.
It depends on the lender.
It depends on timing.
Most times in life and in real estate, it depends but dealing with banks you are likely to run into situations that don't make sense.
4,322,295
Denise Amara - there is always a possibility. You got to ask for it, it's up to them to accept it, reject it or counter it.
3,223,082
it depends on how long it's been on the market, has it been pending and fallen out? and condition
5,200,325
Depends - there can be SOME negotiation but don't count on much. We don't have many of these properties in our area right now and haven't for a while
1,525,616
A bank does not have an emotinal attachment to a house so often they are more willing to negotiate. I closed a house on Friday and the buyers got a great deal!
3,986,529
2,717,243
The list price is considered the "starting price". They don't (and usually won't) come down from that number. Most* bank-owneds here in Tallahassee get multiple bids; no negotiating is needed.
*I have seen a few REOs that were approaching tear-downs; the banks did come off their prices on those.
3,988,144
They want them sold and off their books so yes they will work with offers but they have their limits.
2,871,221
the bank has a math that starts and finishes with them. You jump in anytime
558,605
It depends on how they are priced. In our area, the new ones coming out are the same price as regular homes on the market. My husband just negotiated one for over $10,000 less than the asking price. After inspections it seems as though the property should have been priced over a hundred thousand less. They negotiate, but only if there is not a bidding war.
1,057,061
Interesting to see all these answers. My experience has been, the longer it's been on the market, the more negotiable they are. I have had good experience with banks, but, as with most things, it often depends on the individual you're working with.
1,657,402
Their goal is to sell like for any seller, if they have no other offer, they will counter.
684,740
it depends if the asset manager is close to making their quota, REO 's don't deal much but if an asset manager needs a closing or is close to a bonus he will be more motivated.
As for HUD bidding we see that coinsistantly they accept 93% of list price.
921,504
Depends on the strategy to sell the bank and their broker agreed upon.
If it is a creeper, no negotiation.
If it is below value (quick sale), be ready to compete.
If it at market value, negotiate.
If the buyer and their agent lack the experience to know, it will be hard to win.