How Negotiable are Banks when selling Foreclosures? Can I get a great deal?

One of the huge fallacies in the current real estate market is that FORECLOSURE EQUALS BARGAIN! Every single day, I have potential buyers asking about the efficacy of buying a foreclosure because they feel they'll get a great buy.

Banks today are much more sophisticated when it comes to unloading properties. More often than not, they'll spend the money to have a certified appraiser put the correct value on a property. In essence, this could equate to a good buy for you but you need to take into consideration how much money and manpower it will take to bring the property up to top condition.

Consider a property that recently went pending in my neighborhood of Hilton Head Plantation. Yes, it pended well under what the last home sold for but it was drastically neglected and needed a ton of work both inside and outside. The landscaping and lawn were virtually untouched for over a year. Inside, the property needed all new flooring and carpeting, new appliances, paint throughout, new kitchen and exterior doors. So, the new owners still have quite a bit of work to do and will expend considerable cash to get it rehabilitated.

To answer your question------Yes, you COULD get a good buy but you need to look at the entire picture. Consider that seller who is just as motivated to get his/her home sold but are offering it in top condition. I would suggest you always look at the WHOLE picture--don't just consider a foreclosure or short sale because you may miss a golden opportunity with a motivated seller.

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