Bank Owned Property
A realtor is showing me a property this weekend that is owned by a bank. Do banks waiver from their asking price? The asking price is $209K, value is around $250K. I was thinking of offering $175K. What do you think? The house needs only minor repair, paint, cleaning, etc.
my niece works for a bank.... she has told me their policy was to not consider reductions more than 10%...of course that may vary with the length of the listing....regards, CWal
First what is your plan? Are you going to buy rehab and flip? Keep and rent what? Next how much is owed and what is it worth after repairs. Next how much experience do you have? There are many ways to buy this place. Once you have a plan we can help.
J
How far behind are they? There are some ways to approach this. You could do a short sale or try and buy it at the court house. Where will you get the money to buy/fix up? Have you talked with the current owner? See what their payments are because it may be as simple as bringing the payments current and taking the property sub-to or as complicated as working out things with the bank.
There are good programs out there that can teach you creative ways to buy this place. This site has a lot of great info for free. There are a lot of people who can help. I would read all I can on Short Sales and Sub-To. Gather some info before you jump. The learning curve in this business is steep and painful at times.
J
King is right. It will require a lot of work. Short Sales if done right are a great way to get the deal done. They have a very set proccess and I am no expert at it.
If you are unwilling to talk to the owners then wait till it goes on the market. If you were in Minnesota I would tell you it will be a year + and when you get it it will be trashed..... Good luck