Question
How much lower can I bid on a house?
I'm looking at a house in West Virginia and plan on putting in a bid tonight. It's new to the market and we just looked at it last week and fell in love with it. It's been foreclosed and now is bank owned. A few years ago it was on the market for $125,000 but now is listed at $83,000. We didn't know what kind of offer to make. The market isn't the best, but houses are still going fairly well in our area probably because it's not really an expensive housing market in WV. We didn't want to risk losing the house by putting in a real low bid but we didn't want to put too high in case they counter-offer. It's a nice house but needs quite a few updates... carpet, grounded plugs, new wallpaper/painted walls, a new roof, but nothing else really major. Please give me some advice, thank you. cody - you're the definition of an a-hole
6 months ago - 6 answers
Best Answer
Chosen by Asker
Well that depends on the house - each house is different. That also depends on what work needs done - how old is the furance, roof, water heater, etc...... If you have older items in a nice house, its still ok to offer less stating "hey these will need replaced soon if not immediately." If no other offers are in on the house - and say you want to pay no more than 79000. Try offering $75k, then moving your way up. The bank will counter back with something like 84k, and you guys can meet somewhere in the middle. Good luck - I hope you get your house!! :)
by mullson
6 months ago
Asker's Rating: 
Other Answers
You can offer anything you want to but getting it accepted by a bank that has lost already is going to be another story. I would try 80 but do not be surprised if it is rejected. Good luck. You could always get yourself a buyer's agent to negotiate for you.
by Rebecca- 6 months ago
you can offer as much as you want. typically a bank who owns the property wants 2/3rd of the value of the house or remaining loan that was defaulted. given the prices you mention they are asking the 2/3 amount. good luck getting it for less if it is Truly worth 125,000.
by CHA- 6 months ago
Do not expect a counter offer, it is almost guaranteed not to happen. Your agent is your best resource for this answer. I would go 90 if I really wanted it, but I am in CA where banks list too low in the first place. They have no intention of accepting a full priced bid here.
by Landlord- 6 months ago
Have you agent do a market evualation based on the other like sold properties in your area. Why guess what its worth? Go through the comparatives solds. I am suprised your agent hasn't done this for you already. You can use this market evualatiion to back up your offer when its summitted. Yesterdays price of $125,000 means nothing ,it was probably overvalued.
by Ken M- 6 months ago
lets see nobody cares
by cody- 6 months ago