Do realtors set the price on a foreclosure property or does the bank. Saw a property that dropped 40K in four weeks.

Asked by James, Mineral Bluff, GA Thu Oct 21, 2010

Are they just trying to generate interest with an unrealistic asking price.

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Desari Jabbar, Agent, Stone Mountain, GA
Thu Oct 21, 2010
A listing agent will make recommendations, but the bank has the last word. $40,000 in 4 weeks is quite a price reduction, though. It could be that a defect or repair issue was uncovered in the property. Perhaps, a previous buyer did an inspection and found repairs were needed. Ask your realtor to speak with the listing agent. If there was a previous inspection done, the listing agent should share the negative findings with your realtor.
If you don't have a realtor, considering consulting a one for assistance. Trulia would be a great place to start.

Best of luck to you!
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Jon and Donna…, Agent, Middleton, WI
Thu Oct 21, 2010
Hi James,

If the property is in the process of foreclosure proceedings the seller maintains control over what he or she sets as the price.....if a potential Offer comes in lower than what is owed(mortgage), the Bank will have to approve the funds/terms in the settlement. If the property has gone through foreclosure and a sheriff's sale and now is owned by the Bank, the Bank will determine the list price/adjustments. Professional Realtors make recommendations for price listings/adjustments based on analytical facts in the market. If you are interested in a Foreclosure/Short Sale I would definately recommend you seek the assistance of a Professional Realtor with experience in this Field.

Good Luck!

The Birschbach Team
Keller Williams - Madison
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