Why would the bank price this property so low? Thanks for dropping the property values in that neighborhood!

Asked by Homeowner, Lebanon, OH Fri May 18, 2012

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Elizabeth Spear’s answer
Elizabeth Sp…, Agent, Mason, OH
Fri May 18, 2012
Hello, We're local agents who live in Lebanon. I don't see an actual address associated with this property or we might be able to provide you some insight into the details. Our experience with area lender owned properties is that there are often condition issues. With no one occupying them, they're prone to deterioration and a drop in value. We've encountered homes with significant mold issues, broken pipes, vandalism and theft inside of furnace parts.

By itself, one lender owned property by itself isn't going to pull down the neighborhood values provided there are other sales holding "normal" value. The problem is when a neighborhood has an abundance of foreclosed homes, and unfortunately that may lead to depressed values for everyone.
Regards,
Bill & Liz Spear
RE/MAX Elite
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Don Tepper, Agent, Burke, VA
Fri May 18, 2012
If you're looking at a RealtyTrac ad, those aren't real listings. Those are advertisements. Plenty of those properties aren't on the market yet, and when they come on the market they'll be closer to the real market value. If it IS a real listing--and it could be--it may be because the bank has no idea of its real value and may be using an agent who really doesn't, either.

Hope that helps.
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