I met the list price of a REO/foreclose home in kissimmee,who decides whether house sells the listing agent or the bank ,if bank hired a listing

Asked by Juan, Kissimmee, FL Mon Jul 2, 2012

agent and he or she sets the price on the house I assumed the house would be sold as soom as asking price was met and I was paying cash.I am using a realtor also.

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Annette Law…, Agent, Palm Harbor, FL
Tue Jul 3, 2012
I would be confident saying your agent discussed with you the current pattern of sales regarding bank owned properties. In two short minutes your agent showed you how many bank owned properties sell above listed price. and how many within 5% of listed price.

Some banks have a policy to price slightly above market value and reduce the price on a schedule.
Other price below value and will use the 'Highest & Best' strategy to initiate a bidding process.

Both of these practices would have been revealed in the data your agent shared with you.
Sometimes we have to lose a few before we actually get in the game and allow the data to drive the action taken.

Your purchase offer needs to be reflective of market value if the list price is too good to be true.

1 vote
Kelvis Melo, Agent, Orlando, FL
Mon Jul 2, 2012
Ditto on Mark's statements. In addition, the market determines sales price. When it relates to REO's it is an Asset Manager hired by the bank who selects the winning offer. In case you thought about it, "no, you can't speak to the asset manager". My advice is to find a competent realtor you can trust. He or she is best equipped to answer your particular questions on the manner in which the market is moving.

Kelvis Melo

Prudential Results Realty

1 vote
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Mon Jul 2, 2012
Hi Juan,

Read my blog here on Trulia on this topic: http://www.trulia.com/blog/mark_lemenager/2012/05/investor_g…

Most bank owned properties in this area sell for MORE than list price, so clearly your assumption is wrong.

If you are using a realtor, why are you asking us? Don't you trust him or her?

Slow day in Fresno?
1 vote
Ron Thomas, Agent, Fresno, CA
Mon Jul 2, 2012
Sometimes the Bank tells the Listing Agent what to LIST it for,
and sometimes they don't

But the Listing Agent never determines what the house will sell for.
The Bank owns the house, not the Agent.

And the LISTING PRICE, at best, might be a indication of the Selling Price:
Lately, the trend is to List it LOW, to get multiple offers:
So, don't be fooled into saying that "I offered full list price"; you may be waaaaay short.

Have your Realtor do a CMA to determine the true Market Value;
assume that the LISTING PRICE is ficticious.
1 vote
Antonio Vega…, Agent, Saint Cloud, FL
Mon Jul 2, 2012
The house will sell to the highest offer. The bank "owner" will have the final word, and in their language highest and best offer always wins. You should have been informed there were multiple offers.
0 votes
Alan Martin, Agent, Orlando, FL
Mon Jul 2, 2012
some good advice here. Most important point to remember is that all offers will be( or should be ) sent to the Bank . It will be the banks asset manager that will decide which offer to accept. I have had some disappointed buyers because they did not bid high enough. So NO, it is not a case that the bank will accept the full asking price if offered. The will probably call for highest and best so you may need to be well above asking price to get th eproperty. Some condos in Kissimmee are going for $10k above asking price. So get to know the market, get to know an agent that knows what they are doing in the market. Ask them how many REOs they have sold. Get recommendations from other buyers and you should be good next time. But no guarantees !!

Alan 407 832 4888
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