Patterson is small town living at it's best and you are definately in a strong position to negotiate with the bank as an all cash buyer. Give me a call as I can help you formulate a plan to negotiate the best price for you. It's going to depend primarily as the other realtors have said on the sold comps in the area, as well as condition, time on market and who the bank is you will be purchasing from. I have relationships, with many of the REO banks and have knowledge as to how they negotiate offers. Call me at 209-298-0481, so I can give you some personal advice and if you are happy with my strategy, we can team up and work together on getting your home.
Each and every lender and area of the country is different in how they handle Bank Owner property. I would recommend finding a Realtor that knows that location and the lender that has the property listed and work through them. I also Google a lot, sometimes you can find out a lot of information just by using several different searches.
I would recommend selecting a Realtor who is an expert in this particular town and specific subdivision. Request from the agent you select to do a market evaluation to determine what the recent sales have been in the area. Typically, the bank have already ordered an appraisal and based on this is where they normally request the listing agent to price the properties. If you are a cash buyer this may assist you in negotiating terms of the price. However, you also need to know how quickly properties sell in this particular area.
This may be our most commonly asked question.
Request your agent to provide all of the recently "Sold" comps for similar homes located in your general area. This is information the bank will be reviewing when deciding to accept or reject your offer and should assist you in determining a price range that includes both your initial offer price as well at a top price.
Realty World-Scheuber & Arendsee
Adam Dalton @ Century 21 M&M here. I've been working with a lot of buyers on REO/bank owned properties in Stanislaus (Patterson is about 15 minutes from my office in Turlock) and I'll let you know that from my experience, every single one can be very different. Depending on the circumstance, you may offer above asking price and be an all cash buyer and could still not secure the property. Cash buying does give you benefits, but a bank is looking at the bottom line. If you want to email me the specific property address, I can check it out and give you an idea of where you might want to come in at. Then we can go from there. The nice thing about cash is that you have the potential to close quickly. Also, tell me, are you a first time home buyer, relocating, or investing?
Thanks for your question and I look forward to hearing from you.
Adam Dalton, Realtor
Century 21 M&M and Assoc.