I'm in a similar situation and am wondering how things turned out for you? What did you offer and did the bank accept...I have found a house I adore, but have champagne taste with the beer budget (well not beer)
; - )
Seems like everything is getting snatched up before I can even make an offer.
You need to contact me. I work in Bonita and know the area very well. I will run the comps on the home and put together a package to submit to the REO Listings Agent to submit to the asset manager. If it's been on the market for as long as you say I think $400,000 might not be a low offer. Visit my site and drop me an email.
1. Offer the price you think it's worth and see what happens. Worse case scenerio, they reject your offer and you can always submit a new one if you choose to.
2. Wait and see if they reduce the price.
I would make an offer on it if I were you. When these properties sit on the market for a while, it seems as though the banks finally adjust the price just right to bring in multiple offers and then you're stuck in a bidding war.
Let me know if I can help!
Our recommendation is to review the same information the bank will be considering when the make the decision about your offer. Their representatives need to be able to justify the amount they accept and do so by considering the comps of recently sole similar homes in the same general area.
A real estate professional can support you in this initiative by providing you with this information as well as their professional opinion. We recommend discounting this informed price but suggest being reasonable with your offer. Banks are not in the business of losing money and will be doing so with this transaction.
There is one thing for certain. Your position will be a much stronger one if you have the right information to back up your offer as opposed to throwing them a general discounted amount.
The offer should really depend on how the bank owned property is listed, how many people are interested and how long it has been on market. Marin REOs that are priced right (which means 'Low' to start with) often seen multiple offers at slightly higher than listing price. Supply and demand is the key, even in Bank Owned properties.
I would ask your realtor about the trend in your specific area and get a comp to decide if the listed REO price is reasonable. If so, then I will go with that.