Home Buying in 20155>Question Details

calgurl62, Home Buyer in Napa, CA

The house is bank owned. Does that mean the bank makes that decision?

Asked by calgurl62, Napa, CA Fri Aug 16, 2013

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Answers

7
Yes if the property is bank owned, that means the bank has title to the property. An Assest manager for the bank will negotiate any offers with the listing agent.
0 votes Thank Flag Link Mon Apr 7, 2014
Ok, here are the details:

1-Vacant bank owned Fannie Mae house listed for $250,000.
2-We were pre-qualified with a FHA loan @ Wells Fargo, offered $270,000. We offered high due low inventory...we wanted our offer accepted with room to negotiate.
3-We were upgraded to a conventional loan by the bank, and our offer was accepted. We were highest & best.
3-Our realtor thought the house would appraise at around $255,000 to $260,000.
4-It appraised at $240,000, $10,000 under asking price and $30,000 under our offer.

My question is...what are the chances that they will sell to us for the appraisal price or even their asking price instead of cancelling our contract and starting all over with someone else? I'm hoping they want to sell and start making money on the property again. We are in Northern California, Bay Area if that makes a difference.
0 votes Thank Flag Link Mon Aug 19, 2013
It's quite possible they will acquiesce to your request for price reduction. If I were your realtor, I'd prepare a request to reduce the price to the appraised value, and provide copy of the appraisal. Since you are already in contract, the bank may go ahead and keep your offer in motion rather than cancelling and trying to re-market the property again. Good luck
Flag Mon Aug 19, 2013
Ok, here are the details:

1-Vacant bank owned Fannie Mae house listed for $250,000.
2-We were pre-qualified with a FHA loan @ Wells Fargo, offered $270,000. We offered high due low inventory...we wanted our offer accepted with room to negotiate.
3-We were upgraded to a conventional loan by the bank, and our offer was accepted. We were highest & best.
3-Our realtor thought the house would appraise at around $255,000 to $260,000.
4-It appraised at $240,000, $10,000 under asking price and $30,000 under our offer.

My question is...what are the chances that they will sell to us for the appraisal price or even their asking price instead of cancelling our contract and starting all over with someone else? I'm hoping they want to sell and start making money on the property again. We are in Northern California, Bay Area if that makes a difference.
0 votes Thank Flag Link Mon Aug 19, 2013
We need more info as to what you are asking but generally speaking the bank is the seller in REO transactions.

Please tell us more about your scenario so we can better assist you.

I look forward to hearing from you.

Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
F:702-932-8826
RobertAdams@LVrealestateHELP.com
Visit my website: http://www.LVrealestateHELP.com
CONNECT with me on LinkedIn: http://www.linkedin.com/pub/robert-adams/2a/971/a93/
LIKE me on FaceBook: https://www.facebook.com/pages/The-Adams-Team-at-Rothwell-Go…
FOLLOW me on Twitter: https://twitter.com/ShortSalePros
0 votes Thank Flag Link Sat Aug 17, 2013
Decision pertaining to what?

Since the bank is the owner, the banks decides on anything they want to do with the property, including which offer to accept, what price, what terms.

And sometimes, the bank will even cover the cost of title insurance if the buyer agrees to use the bank's preferred title/escrow company.
0 votes Thank Flag Link Sat Aug 17, 2013
yes. Why would it be anyone other than the owner??
0 votes Thank Flag Link Fri Aug 16, 2013
What decision? The bank is the owner of the property and can make decisions about the property.
0 votes Thank Flag Link Fri Aug 16, 2013
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