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David Fletch…, Other/Just Looking in La Sierra, Riverside,...

when a house is owned by the bank who sets the price on the sale? or can u make offer?

Asked by David Fletcher, La Sierra, Riverside, CA Tue Dec 11, 2007

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3
David,

If you decide to make an offer, be sure to preview the property and make a list of every possible problem. Pictures of the problem help. Get a couple of contractors to bid on the property and supply the highest possible estimate to the bank when submitting your offer so you can have more negotiating room.
0 votes Thank Flag Link Tue Dec 11, 2007
In California, the bank usually has a few agents do a BPO (Brokers Price Opinion) to determine the value. Then they usually will list the property with one of those agents and set a price based on the BPO's. After reviewing the recent comps in the last few months with your realtor you can formally make an offer on the property. The bank will either accept or counter your offer.
0 votes Thank Flag Link Tue Dec 11, 2007
The bank can't sell REO properties directly, so they normally ended up using a Realtor to list their homes (also, they are not in home selling business). The realtor will suggest a listing price to start with and the bank will agree or disagree, and you go from there. A buyer can always make an offer and see if the bank will take that.

Sylvia
0 votes Thank Flag Link Tue Dec 11, 2007
Sylvia Barry,…, Real Estate Pro in Marin, CA
MVP'08
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