It’s been my experience they’ll accept around 40% as payment in full. But of course that will now be 40% of a higher price.
And banks are not charities. When they have customers default on their loans that means they must charge everyone else more for services.
If the bank loans someone $100,000 dollars and gets $40,000 back, the rest of its customers must be charged more to make up the difference. That or they bank goes out of business.
I realize they may have made some interest income in the few years the loan was in good standing, but the legal costs of the default will more than make up for that.
Never mind what I just said. LOL. I was posting on two different threads. The other one was about people who default on their mortgages. One poster thinks defaulting on the mortgage is just another option when home values go down.
Anyway I got confused.
You are right about them accepting less. They should. Even that is very high. But if you have no opportunity to negotiate the price before, you deserve the right to negotiate it after.