How much do banks typically negotiate in selling a bank owned property?


How much do banks typically negotiate in selling a bank owned property?
By Scott Rogers • May 8, 2011
Buyers can often find great opportunities in bank owned properties, but they often wonder how much they should expect to be able to negotiate off of the list price of a bank owned property. Let's take a look.... For all residential sales in Harrisonburg and Rockingham County in the past year, we find: 738 sales Average List/Sell = 95.1% Median Sales Price = $176,375 When looking only at the properties above that are bank owned, we find: 75 sales Average List/Sell = 95.8% Median Sales Price = $130,000 Amazingly, the list-to-sell ratio is higher with bank owned properties than with the overall market (which includes these bank owned sales). I suppose the important thing to remember is that the list-to-sell ratio of any property is largely dependent on how realistic the asking price is. Both a homeowner and a bank can price a home too high when putting it on the market. Perhaps banks do that less often, and thus achieve a (slightly) higher list-to-sell ratio despite still offering great deals on properties? Additional Relevant Information: Buying a Foreclosure (a refresher on the differences between short sales, trustee sales and bank owned properties) HarrisonburgForeclosures.com (upcoming trustee sales in Harrisonburg and Rockingham County) Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 25, 2024 (unless otherwise noted).
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