Do banks usually negotiate on foreclosures?

Banks almost always negotiate on the bids they receive they rarely accept them on the first go-around. They'll review the bids and take the highest offers, negotiating with buyers to get the dollar amount they want for the home.

US Legal Forms
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Sample and Form Letters
Multi-State
Sample Letter to Bank concerning Accounts of Decedent

Account Estate Bank Foreclosure In Orange

Category:

Letters - Legal - Estates

State:

Multi-State

County:

Orange

Control #:

US-0034LTR

Format:

Instant download

Description

The document serves as a model letter intended for communication with a bank regarding the estate of a deceased individual in the context of an account estate bank foreclosure in Orange. This letter is adapted for use by legal professionals such as attorneys, paralegals, and legal assistants to request important financial information from the bank concerning the decedent's accounts, including account statements, certificates of deposit, and any legal obligations. The letter outlines the need for a comprehensive list of all accounts related to the decedent during a specified date range and requests details on the opening and closing dates of those accounts as well as associated costs for obtaining copies of documents. Key features include spaces to fill in specific names, dates, and account details, which allows for customization to fit specific estate situations. The target audience may find this form useful as it facilitates the identification of assets that are critical in managing the estate, particularly in the window of a bank foreclosure process. It's written in plain language, ensuring clarity for users who may not have extensive legal experience, and provides a professional template to efficiently handle necessary inquiries with banking institutions.

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FAQ

Check Bank Websites Some banks post their foreclosures on their website. They are not in the business of owning homes, so they want to sell them fast. If the local banks have foreclosure pages on their website, visit them to see what homes may be available.

Deeds, liens and foreclosure history are public records subject to disclosure.

MLS: Most lenders list their REO properties on a Multiple Listing Service (MLS), so any real estate agent can help you identify REO offerings in your area. Bank websites: Some banks and credit unions have an entire department set up to sell REOs, and sections of their websites are dedicated to their listings.

Banks almost always negotiate on the bids they receive – they rarely accept them on the first go-around. They'll review the bids and take the highest offers, negotiating with buyers to get the dollar amount they want for the home.