Upcoming Foreclosures - how much should I bid for a bank owned property in ca?

how much should I bid for a bank owned property in ca?

I am currently inthe market for a home in Ca, The property is selling for 540, 000 but it is bank owned. Any advice on the lowest proce I should offer? I have only been approved for 300,00 any advice, I REALLY WANT THIS HOME...

Public Comments

If it's bank owned and they have it at $540,000 that means the previous owner owes alot on the loan plus the cost of the foreclosure proceedings. If you have only been approved for $300,000 your not anywhere in the ballpark to place an offer on this house I'm afraid. Not to dash your hopes, I'm just trying to be realistic. A lot of emotion plays in decisions and I would hate for you to go over your head now and later end up the same way this owner did.
Unfortunately, lenders are in a position to hold out for a good offer, and asking for a 45% price reduction isn't going to happen. You can go ahead and make your offer, but don't sit by the phone waiting for a response. There are plenty of nice homes out there, take a look around and find something in your price range.
It will be tough unless it is in Stockton or Sac where home prices could dropped much lower. SF Bay area is not easy for prices to drop much more.