Q. When the property goes through the foreclosure proceeding and is now back to a realtor/bank. Is their price pretty much set in stone or will they negotiate?


A. The banks are definitely willing to negotiate. We have been able to get properties for 50% of the value from banks. You will need to know who to negotiate with, however.


If the property was just foreclosed and it did not sell on the courthouse steps, you may be able to communicate with the law firm that handled the foreclosure for the bank.


The bank may have the property in the REO (real estate owned) department. You will need to make the REO department an offer if they now control the property.


Many REO departments will contract with local realtors to list and sell the properties. If the property has been listed with a realtor, you will need to make an offer through a realtor and they will submit your offer to the bank.


Determine who now controls the property and begin making offers. Make some very low offers. If they get accepted immediately, you may have offered too much.