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Negotiating with Bank |
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I made an offer on a foreclosure home for "as-is" cash for the bank's list price. The bank went with a higher offer which was based on a approved mortgage. Now. i was notified that that buyers bank had refused the loan approval because of the property condition. The foreclosure agent has notified me that if I want it I can have it at my first bid cash offer i.e. their list price. They will be acepting only cash offers from now on. Question: I still want the property, the price is good but I feel I have leverage to lower it further. Do you agree? |
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Sorry, I can't really give you negotiating advice. I can only tell you it's frustrating trying to negotiate with a bank! You're involved with committees, people who go on vacation, all sorts of things you don't run into when you're dealing with a homeowner. Afraid I can't be of help. |
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Edith
Originally published on June 9, 2008 |
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