I am making a bid for a foreclosed home and a little land. 7.5 acres . As a first time buyer I wonder how to?

bid on this property? I know its worth the asking price that the realtor has listed, but Its a foreclosure, and with the housing market the way it is , I dont want to hurt myself. How can I find out what the bank needs to recover? so I can get a deal.

Engage the services of a qualified buyer agent to represent you. The buyer agent will provide you with evidence of recent comparable sales to guide you concerning the value of the property in question. You can then decide what sort of offer is appropriate.

Do not be misled into thinking that the property can be had for less than the asking price. Not all foreclosures go that way. In the past six months, I have brokered two separate foreclosures which both sold for considerably MORE than the lender asking price. The amount which is owed to the bank is quite irrelevant. Given the losses being suffered by lenders, they get as much as they can from these properties, and are generally guided by the listing agent as to what the property will bring on the market.

How do you know it's worth the asking price? Have you had an appraiser or your OWN Realtor research it or are you going by what the listing agent has told you?

Is the Realtor giving you a discount for not having your OWN representation? Or are they just going to pocket the entire 6% commission themselves?

If you have to ask these questions...you need a Realtor to represent YOU.

They DO NOT give discounts for not using one....so get one!

Hello gy_pyn & all. Buyer broker & inspector best advice?