Home Buying in Hollister>Question Details

Brian, Home Buyer in Hollister, CA

A bank owned home listed at 399,000 on the market over 130 days is offering 330,000 way too low?

Asked by Brian, Hollister, CA Tue Jun 16, 2009

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Offer what you think you can afford and if it is worth too. You won't know until you make the offer.
1 vote Thank Flag Link Tue Jun 16, 2009
Days on the market is a realtive thing based on nieghborhood and price for the area you are talking about, 130 days could be quite normal (if there is such a thing now a days) or it could be stale on the market.

The inventory is beginning to build lately in San Benito county even though it was much larger a year or two ago.
I always say you never know until you do it, it's hard to second guess the BANK or what they will take.

Finding the right local realtor is KEY they know the ins and outs of the area and things that might be very helpful to you in making that lower price.
Stats are beginning to show that the Short sale market is bringing up the price of homes Nationally about 29%. REO's go out lower but the Shorts sales are floating the REO or Bank owned up with them.
The condition of the property is KEY as well, REO's are not always well cared for meaning to you the buyer out of pocket for repairs if needed. That is why REO's go out less than a short sale.

Also finding the right local Realtor is KEY.....Oh I already said that

That said, Good luck Brian

Web Reference: http://www.rayandpeggy.com
0 votes Thank Flag Link Mon Jul 12, 2010
Brian, it's really a question of what the property is worth, not what the bank wants for it. Your agent should be showing you what comparable properties in the area are listing and selling for. Banks can be as out of touch with the real market value of a home they own as a private seller can be.
If you don't have a buyer's agent working just for you in this transaction, I highly recommend that you find one. It costs you nothing, and offers you an advocate who is on your side, not an agent of the seller.
0 votes Thank Flag Link Wed Jun 17, 2009
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