Strategy For Bank Owned Property
Buying Oakland Real Estate
With so many Bank Owned properties on the market, us Realtors are starting to see certain "patterns" play out in term of how the Banks are pricing them. What I've been noticing is that they are not hesitating as much to lower the price if it's been sitting for a while. I often talk to buyers who have their eye on a bank owned property, but want to wait until they reduce it further before they write an offer. However, in most cases as soon as the Bank reduces the price to a very attractive one, multiple offers come in, and now all of a sudden you are in competition.
In some situations, it may be a better strategy to go ahead and write an under-asking price offer, cutting ahead of the competition that may jump out once the price is officially reduced. As long as the offer is reasonable, there is a good chance it will be accepted, or at least countered. On the other hand, waiting until the Bank is forced to reduce it to a irresistable price will most likely mean that you will be competing with other buyers once you decide to submit an offer.
Date: Thursday, April, 10th 2008 @ 01:05:02 PMViews: 200
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