Making an offer on a Foreclosure

[Christine F Baptiste]

There was a foreclosure posted for  $282,500 the owners purchased it for 230K and lost it with a balance of 185K I put an offer in for 220K and they countered at 279K, +7700 in closing, and 1K for lender required repairs. What should my counter offer be?

[James Barnes]

Hmmm...Wouldn’t be a good enough deal for my liking even if it was for my primary home. I highly doubt the appraisal will come in at the “high end” of comps. Best case scenario..you’ll get it for what it’s worth(retail $). When I bought my short sale the bank didn’t want to negotiate. Ended up getting the property for about what it was worth. If your happy with paying “retail” for your forever home then go for it. Just know that you might be overpaying...