Buying Foreclosed Houses from the Banks

By: Joseph Smith

The banks are the best place to go when you are thinking about buying foreclosed houses. This is because the banks are desperate to get rid of them and the longer they have a home then the more they desire to unload it. The many reason that you should buy from banks is because of the lowest price possible, negotiations, and much more.

When you purchase a home from a bank they are so happy that they have an interested prospective buyer that they will give you what you want. You have some serious leverage and the bank is willing to meet many demands and requests that you have. Always keep in mind that when a bank owns a foreclosure you have the upper hand because they are so desperate to get rid of the house.

A bank is more than willing to negotiate a price. Dont ever settle for the price of a home that has defaulted on their books. This is because you are in a good position with a foreclosure. Unless the bank has stated in their home advertisement that they are firm on the price you can make a low bid. Never go lower than 20% of the asking price, especially if the bank has already lowered the price of the home significantly.

The best way to tell you are getting the lowest price possible when buying foreclosed properties from a bank is to run comparisons of other homes in the area. Look at the prices of homes that have sold recently and those for sale. If the home is priced about the same then the bank has not lowered the price. Foreclosures should be lower and if they are not priced less than negotiate or look at a different house. Banks will take much less for a house. They will usually drop the price of a home on their books every 90 days. Some banks will drop the price of a home every 30 days if they can.

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Joseph Smith has been educating buyers on the finer points of Buying Foreclosed Houses purchase at for over ten years. Click here to visit and read more advice on finding bank repossessed homes.

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