I was thinking of buying my family residence from one of the bank owned properties.

Asked by Jason, 94555 Wed Jan 2, 2008

number of properties in San Ramon are bank owned properties. I wonder if anybody has done any analysis on how much the banks negotiate from the listing price. I would really appreciate if one of the realtors could help me get the list of all the bank owned properties sold in the last four months along with their address, listing price, sales price and days on market before the sale.

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Terry Osburn, Agent, Pleasant Hill, CA
Sat Jan 12, 2008
First of all you need to be pre approved and ready to purchase or the banks will not take your seriously. Many of the banks will still require you be qualified by them still leaving you the choice to use your own lender.
2nd Realty Trac can somewhat mislead potential buyers thinking they can purchase a 4 bedroom home for $75000 in a $600000 neighborhood. Just because someone is in default does not automatically mean they will foreclose. Several of those in default have actually paid up to restore their account.
Banks are NOW cooperating more . How much will they negotiate down, well they may not depending on what it is listed for and what the market has really been going for in the neighborhoods. On the other hand they may very well negotiate lower. Each case is different and if you find a home you like throw them an offer.
Your best bet is to sit down and write out what you want in a home and the price range you have been approved for and see what area or community will fall into that price range and from there determine which homes to go look over.
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Melanie Nard…, , San Francisco, CA
Thu Jan 3, 2008
I have some clients who are on the same page as you Jason, and looking in San Ramon. I've seen some better deals on the short sale end of these deals, but I will have our office run this analysis for you. You can email me at melanie@condocontessa.com for the results.
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Bernard Gibb…, Agent, Danville, CA
Thu Jan 3, 2008
There's a lot of truth in what Perry says, particularly the concept of writing offers on the oldest listed homes. Your quaestion was about how much the banks will drop the price though - and that depends on many factors.

First of all, each bank seems to work in a vacuum. Some seem more mtivated to get rid of foreclosed properties than others. Many banks take a week or more to even respond to an offer. Often much, much longer with short sales. Most are not willing to make a significant reduction. After all, the agent who they have chosen to list the home gave them a market analysis to show what it should sell for (!)

Having said all that, are you looking for the best deal or somewhere you really want to live? In my view, a home is much more than just an investment. If you are asking the question because you want to buy an investment property (rental), ten fair enough. Otherwise, focus on getting the home that best suits your needs and then work on negotiating the best purchase price.
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Perry Hender…, Agent, Austin, TX
Wed Jan 2, 2008
Waste of time...FORECLOSURE REALITY CHECK.... Seasoned investors who buy foreclosures know the REO manager at the bank and get "off market" deals. They never have to bid or find a place to learn what's available.

FOR ALL OTHERS: The only "sellers market" in america is the foreclosure market. Don't expect any deals from a foreclosure as the bidding process brings 20-30 people to bid on almost every deal. A deal that was already priced at market.

It's easier to get a deal by going to a realtor, asking them to find the oldest property on the market and start dropping discounted offers. In addition, you won't have to wait 30-60 days to hear an answer.
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Realtor, ,
Wed Jan 2, 2008
You can subscribe to RealtyTrac and get daily emails of foreclosures in the area of your choice. These are not guaranteed, and many of them you will find that they have already sold or are already on the MLS for sale with a realtor. If you see one you like, email me and I'll let you know if the bank owns it or if it's listed or has already been sold.
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