I doubt they will accept it. Most banks are required to sell their foreclosures at market value, based in the condition of the home. Depending on how long it's been on the market it's going to take something close to $280K
Decline. Banks are a little like children or dogs. They may not want the property, but if someone else wants the property, then they want the property after all. It really irritates the bank managers who made bad loans and then they lose money on their poor judgment and then someone else makes money by buying the property for what it is actually worth and improving it. Been there.
Decline. That is too much of a lowball for the bank to approve it. If they don't approve it, are you willing to come up on your offer to something more reasonable?
It's possible they'll accept it, but if they do it will have nothing to do with your good credit. Good luck on getting an acceptance of your offer.
$55,000.00 under asking price is never going to happen. It is more cost effective for the bank to let the house sit on the market until they get a better offer. Low balling is great, but not that low.
decline
I was wondering what are my chances of getting a 280k forclosure home for 225k?
it was last sold for 255k. it's 1993 home.
my credit is AMAZING and I got approval letter today saying I'm eligible for a 280k loan. I made an offer for 225k. (the home does need only some work) anyway I put in the offer of 225k and the realitor sent it to the bank. what are my chances of the back accepting my offer. I'm so excited about this home so I'm hoping for amazing news. also I live in VA. please answer : "ACCEPT" (meaning you think the bank will accept my offer) or "DECLINE" (meaning you don't think the bank will accept)
