Low Ball Pricing - Foreclosures in Maryland . . "Foreclosures in MD"

Tips for Maryland Foreclosures Buying

When to LOW BALL an Offer

For most first time homebuyers, making offers on foreclosures is a dreadful experience. When I first start working with a buyer that is looking for foreclosures, I try to give them real and practical information about foreclosures purchases.

The question I get most is about LOW BALL offers.

How low will the banks go?

How low is too low?

First of all. . the important thing to remember is that you should be working with someone that has experience in how to negotiate with banks.

Most banks aren’t that motivated to sell their properties for 50 cents to the dollar. They know the real value of their property and they will accept a price within reason.

When to LOW BALL an OFFER?

Has the desired property has been in the market for at least 100 days? .

That’s is one of the requirements

How aggressive is the bank with the price?. I observe the history of price changes and the amounts. .obviously if the price changes are frequent. . it is a desire that they to sell fast

How clean are the bathrooms and the Kitchen?

If the kitchen and the bathrooms of the property are filthy and disgusting. .. then you will be able to get that property at a major discount.

Most buyers want to buy a property that they are comfortable with the condition to bring their families in to live.. .if you can overlook this fact .. you can literally “steal” a property.

Does the property need major repairs?

The more repairs needed the less completion among buyers.

Most people want the easy stuff. . clean it and just move in.

If you are looking for a bargain. . you should be expecting to do some work on the property.

Finally. this is the most important tip I can give you. When you make an offer, the first question the bank asks is, "Can they close on time?" and “Is the lenders commitment letter iron clad”?

Banks hate putting a property under contract and then the whole deal falling apart because of the lenders failure to give the loan.

Then, the most important thing you can do to convince the bank to accept your low ball offer is making them believe you have a 100% full lenders commitment letter and that you can close on time, without any disruptions or contingencies.

Working with one of our associates to help you buy a foreclosure in today’s market is a good move. . give us a call, we can help you find a bargain .. because we know where they are!

Call us directly at 240-426-5754

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Fernando Herboso

Herboso & Associates

Broker/ Realtor/Consultant
Primetime Realty Homes
"Our Experience Is Your Advantage"
Phone: (240) 898-1828
Cell: (240)426-5754
Low Ball Pricing - Foreclosures in Maryland . . "Foreclosures in MD"