Vicki P, Other/Just Looking in 27612

In general how much less are off listing price are bank owned homes going for in north raleigh, there are a lot of empty homes in north raleigh. I

Asked by Vicki P, 27612 Sat Feb 6, 2010

have seen a lot of new construction that has been sitting for 3 years. In PA there would be a much bigger discount. I am moving there from Pennsylvania and the one realtor I spoke with said the banks are not very coroperative.

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It really depends on the neighborhood and price range. Earlier in the fall/early winter when I was researching for a client, the lowest average list to sale price ratio for foreclosures was 88%...but many of them were still selling for well above 90% of list price, some sell for over the list price. If you're looking at short sales as opposed to foreclosures, that process can take quite a bit longer (5 mos. or so, in some cases) since the offers have to be approved by third parties. There is more flexibility in price ranges over $500K due to overbuilding of new construction of executive style homes. It all depends on which particular area/subarea, price range, and overall market conditions. There's a 'mystery formula' based on days on market and other factors that I've heard other agents mention...for example, an agent put in an offer that was initially rejected, but after more time on the market, the bank came back to revisit it.

North and NW Raleigh have fairly stable markets historically...if you have more questions, let me know. Have a great weekend!
0 votes Thank Flag Link Sat Feb 6, 2010
Sometimes I just wish Trulia would clear out the posts that are this old. Time changes all answers!!
0 votes Thank Flag Link Tue Nov 18, 2014
Here is another answer.

I have three clients which we put in three offers on REO properties this past Week Aprill 10 to 15 2012

Two offers were at 95% of List price, one was at 97% of list price. All three offers were CASH offers, in the $120K to $180K and rejected as we were out bid.

If that helps.

REOs go for what ever the bank wants. Being an OWNER occupied with an FHA, FANNIE MEA or Freddie Mac loans may help you get the bid.

Good Luck

Tom
0 votes Thank Flag Link Wed Apr 18, 2012
Adding an additional answer here.

If you have CASH, will buy AS IS, a clean Offer, without asking for anything and can close in under 30 days. Banks MAY look at your offer, or as a back up offer. If you have the time.

Remember, Banks are subject to federal Regulation and keeping Neiborhood prices stable is very important.

Good Luck
0 votes Thank Flag Link Mon Apr 16, 2012
Wendy has a great answer but I find it to very house specific even in a certain area and price range. We represent several banks on their properties and see offers nearly everyday on their properties helping me to understand what banks are willing to take and not willing to take. I also work with many investors and have seen a wide range of their offers accept. I have seen houses sell for as little as 70% of list price but that is very unusual and happens on homes that are well overpriced to begin with. Just this week while representing my brother he purchased a foreclosure for 2% OVER list price because the house was priced very well, needed little work, just went on the market, there were 3 offers and it was the house he really wanted.

I assume you are looking in the $500+ range if you have seen homes sitting vacant for 3 years in N. Raleigh. Lower price ranges in N. Raleigh have been steady to sell and there is a low inventory of foreclosures. The best thing to do is find a REALTOR you trust that is experienced with the Raleigh/Wake Co market as well as foreclosures and relocation to assist you. If I can be of assistance please feel free to contact me here via Trulia
0 votes Thank Flag Link Sun Feb 7, 2010
Vickie, it really depends on the lender and how the home is priced to begin with. Homes here tend to be priced about the market value, taking into account the short sale, foreclosure drop. There can be some deals depending on condition.
0 votes Thank Flag Link Sat Feb 6, 2010
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