Can You Negotiate a Bank Owned Foreclosure Home?
With the large numbers of bank-owned foreclosures available, as of 2010, this is an opportune time to negotiate a deal with the banks, according to information on the RealtyTrac website, an online marketplace of foreclosure properties.
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Identification
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When a foreclosed home does not sell at auction, the bank takes the property. You can buy the property once the bank takes it, but it isn't always easy, according to RealtyTrac. You may be able to negotiate a good deal if you do research, preparation, and are patient and persistent.
Considerations
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Most banks want to unload foreclosed properties, and you can usually get a traditional mortgage when you buy one, but banks are going to try to get as much money from the sale as possible. Even if the price is set, if you can document with photographs and estimates that the house needs repairs, for example, you can offer a lower price.
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Potential
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An experienced foreclosure broker can help you negotiate with the banks, according to the Kiplinger website. If the bank has listed the property for more than a year, you are in a good negotiation spot. You might also get a better deal on a bank-owned property by offering to buy the house "as is" with cash.
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