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Started By
Message
need some advice with bank owned property
Posted on 7/23/16 at 10:56 am
Posted on 7/23/16 at 10:56 am
I am looking at a house that has been vacant since December. The bank owns it currently and has had it serviced and monitored since then. I would like to see if anyone has any advice on how the banks work deals on these type of properties. It needs some work...new roof, new floors(laminate is buckling due to no conditioned air)
it is listed at $297,00 but would like to get for about $225,000 and put a little work into it.
Do banks normally back off of their pricing on these type of properties?
it is listed at $297,00 but would like to get for about $225,000 and put a little work into it.
Do banks normally back off of their pricing on these type of properties?
2
Posted on 7/23/16 at 11:39 am to mandevilletiger34
If you can contact the bank and make an offer they will usually counter. Also there is a schedule where they drop the price a certain % after a certain number of days. Something like 10% every thirty days depending on how bad they want to get rid of it.
Posted on 7/23/16 at 11:42 am to mandevilletiger34
There was a condo I was recently watching in my building owned by the bank. It was a good $300k below market value and I kept trying to get them to go down another 10% and they wouldn't budge and it was for sale for 1 year and eventually they just took it off the market. I dont know why they wouldn't budge at all they kept insisting full price only and only lowered the price $50k thats it and even then wouldn't negotiate. It needed new floors and a new AC unit but im sorta regretting not paying their price now.
Posted on 7/23/16 at 11:58 am to dabigfella
quote:
I dont know why they wouldn't budge at all they kept insisting full price only and only lowered the price $50k thats it and even then wouldn't negotiate.
They may finance other condos in the building and don't want to crash the market.
Posted on 7/24/16 at 9:29 am to LSUFanHouston
Could be, but foreclosures are usually not considered in fair market appraisals. They are unqualified sales or whatever lingo your municipality uses.
If I had to guess, the assett manager knows the market and the market is rebounding and they will relist soon. Could also be they had a lot of losses that quarter and year, banks don't count the loss until it actually closes so they will delay putting some properties on the market to spread them out.
To answer the OP, as said there is an asset manager at the bank that owns it. They will drop the prices on a certain schedule depending on how many people are viewing it and putting offers and also how badly they need to sell it.
If I had to guess, the assett manager knows the market and the market is rebounding and they will relist soon. Could also be they had a lot of losses that quarter and year, banks don't count the loss until it actually closes so they will delay putting some properties on the market to spread them out.
To answer the OP, as said there is an asset manager at the bank that owns it. They will drop the prices on a certain schedule depending on how many people are viewing it and putting offers and also how badly they need to sell it.
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