For a bank owned home, what percentage of list price will make a good offer price?

Dec 21, 2007 by akshay r | Posted in Renting & Real Estate

The house is located in La Palma, Orange County, California and the owner of the bank is not large. The house is listed at 589 K, comparable homes listed in the neihborhood listed at 650k to 675k and there is another which is a short sale (non-bank owned) listed at 575k. My agency has suggested that 550k is a fantastic deal but I think providing 510 to 520. I am ready to put down 80 -90 k.

Hi! Fortunately, you have compared the short-sale home to the bank owned the house and found that the bank owned home is worth much more? Have you asked your realtor for the comparables sold over the last 3 months to help build on your offer? In any case, I have seen everything .... I have seen banks accept offers that were $ 150K less than the asking price for standing firm to just below the asking price. Here is my suggestion for you ..... if you absolutely must have this house (the house of your dreams, you will never find another like him, etc, etc,) then I would follow the advice of your realtor if he / she is the agent the buyer.(Your real estate agent works for you and not the seller!) On the other hand, if you offer $ 510k, and there are no other offers on the table (your realtor should have an idea), the bank will probably back to counter. In fact, the bank may / will probably return to counter with $ 550k if there are other offers unless someone comes with a full price offer. Also, your purchase offer, ask your realtor to put a time limit to your offer so the bank does not bind you down and gain additional time to refrain from accepting bids from other .. . (maybe give them 48 hours to respond "Offer valid until December 2007 _ to 5p.m.).Just remember, unless this limitation is something magical, you buy a house "as is". Make sure you get the best home inspector for your own knowledge. I wish you the best of luck!

Bank Owned properties: How do I get information about REO for free?

Oct 22, 2006 by Mike S | Posted in Renting & Real Estate

I found a few houses that are currently owned bank (I guess a REO). I found these through a website that lists pre-foreclosures, of homes foreclosed properties for auction, and bank-owned ...
But it will not list the address or anything on when the auctions are and I have no idea who to contact if I am interested in this house without having to pay for the service. These records are listed for free anywhere? Can I go to City Hall, the house is? Am I obligated to go to each bank to know?

Bank towards the houses have already been through the bidding process, no one sold at auction. Therefore, the bank now owns them.

You may call the most of your major banks to see if you provide a list, but I think you will find this fruitless as most banks now list their properties belonging to the bank with an estate agent for them sell. Therefore, if you are looking for a bargin there is little, even if the house is in need of minor repairs, because the estate agent want to earn the maximum commission even if it means the house will be returned to the bank if it will the UN sold.

Pre-entries are listed in the County Court in which you reside, you must go through each property to find several inches that you might be interested

The properties listed in these sites you find are teasing when they show a property but no address or contact information. Most of the information is to contact real estate agents, because the bank is committed to selling their property.

I think the best way to locate people who are in pre-foreclosure is to select an area in your city that you wish to invest or live.This area must contain at least 5,000 homes or more.

Make a flyer or letter stating that you buy seized property paid or not and you pay all cash and can close within 14 days. Receive this letter ran to Staples or Office Depot or any place other copy. Be sure to sign the original, unless you want to sign individually. Make sure you have a listed telephone number on the letter can be contacted 24 / 7, even if it is an answering service. The phone must be answered, or at least a message saying that you have contacted the person that seizures purchase, please leave a message.

Send these letters to the area you've chosen to work. You must send them a letter at least once a month. I find it better if you walk the field and put flyers on every door. Please do not place them in any mailbox. It's illegal. If you have children they could be useful for you. Remember to reward them. Once you have walked the area for about three months with flyers, you should consider a newsletter mailing. Check with the credit of the United States close to your position for shipping in bulk.

You can also visit the shopping areas and see if some commercial shops let you put that letter in their stores. You may buy media for your letters to Staples or Office Depot. Go through these shops which allow you to place your literature in them at least twice a month to change your letter and make sure you hold is own and the letters are not all bent behind your flyer to look bad .

I would also suggest you buy some books about locking your local bookstore. There are several good books on foreclosure.You can also buy one of course real estate gurus midnight. They offers you with various forms and some techniques to use. They also have scripts to use when you are called. Use them for what they are worth. Nobody will give you their house for free no money down. This is not what it means.

I hope this was of some use to you, good luck.

How to Buy a Bank-Owned Home

Buying a bank-owned dwelling-place is easy!

Vista, CA bank-owned house

This 3br/2ba, 1100sf assembly sold for $465000 in 2005 - now it's only $180900! Call Jim the Realtor at (760) 434-5000