[HR]

...foreclosure? There is a house that's for sale that's in foreclosure and it's a bit over what we want to pay, but we like it. Can you negotiate that? Is it easier to negotiate or harder? What is the potential you can go down?

It's a $132,000 home in a good neighborhood and needs some updates.
I am very new to real estate and don't really know the details. All I know is that the bank is listed as the current owner on the website and it's listed as SSI (no clue what that means). So I apologize for not giving YOU the pertinent information... Please advise.

[lisannem]

If the bank is listed as a the current owner the home has already been foreclosed upon by the lender and is now REO (real estate owned). You can always offer less that a property is listed for, but there is no guarantee that the offer will be accepted. Your realtor will be able to tell you whether you offer is way off base or not. If your not working with a realtor you need to find a good realtor that will be able to guide you through the process. Where did you see the listing? I have been in the mortgage industry for over 10 years, so if you have any questions regarding financing please feel free to contact me. Also depending on your location I may be able to refer you to a knowledgeable real estate agent.

Lisanne Jordan

[admin]

good stuff Lisa thanks for helping, hope all is well with you.