Is the price being asked for a newly listed bank owned (post foreclosure) property the bottom line price the bank truly is seeking?

Asked by Genorese, Orange Park, FL Fri Jun 18, 2010

I understand that anything can be negotiated but I wondering how willing the bank would be for this type of property. The home I am speaking of still needs some work and I personally believe even at this stage of pricing the asking price is too high.

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Michael Pagl…, Agent, Naples, FL
Thu Jul 1, 2010

Every bank is different, it all depends on which bank it is. Some banks have policies in place that require them to counter offer at full price if they get any offers within the first 30 days of the unit being listed. Other banks are more willing to negotiate. They key is finding out what the comps are for the particular area you speaking about. Sometimes the list price is high. If you are not working with agent, my suggestion is to find one that will provide you with the comparables and do the leg work to determine what is a suitable offer. When I submit an offer on behalf of a client and I feel it's to high, I include a justification letter with the offer. If you are not currently working with an agent and would like some assistance, I would be happy to help. Also, check out my website at, you will be able to see all the bank owned properties in Naples with one click.

Kind Regards,

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