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This is a bank owned home correct? If so then you're realtor is most likely correct. Banks don't counter they just say no. Also the percentage off that you are considering offering is probably too high. Banks are sticky and unlikely to budge that much on the price even considering how long it has been listed. I tried coming in low on some bank owned properties..and it just didn't work. Grant that I am looking at a much higher demand area..but I don't think the attitude of a bank is going to change that much from house to house or town to town. They discount houses to what they think is going to move them fast...and it usually works. I'm not going to presume to tell you what to offer...but my experience echoes what your realtor is telling you.
Yes, bank owned. Thanks for the response!
We are in no rush to buy so if they just ignore us maybe in a few months if the house is still there we can put in another offer, ha!
Before you make a bid, get an appraiser to appraise the property. Make a list of all the negatives and problems of the home. Send the appraised papers and the list of problems in with your offer. The longer the bank holds onto the property the more expensive it becomes. Just make sure your offer is reasonable.
Hope this helps.
sounds like a reasonable price for a home of that size and year in Central Coast CA no matter what prices end up doing, you may save a hundred bucks or so per month by waiting if some one else does not get it first.
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Anyone familiar with Central CA market
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Thinking of putting an offer in on a house we looked at today. Just curious to see what those familiar with this area would offer. House is located in Manteca, CA. They are asking $293K, house has been on the market since 2/20. Original listing price was 383K and they lowered to the current price back in March. Same price since then, REO home of course. 5bd, 3bth, 2700sqft, built in 2000.
Sold back in 07 for 510K! The only similiar house to compare sold for 265K in April, but it had alot of damage done from the previous owner. Kicked in walls etc. Everything else around it sold for 300K+, but all were larger with more bedrooms etc.
My realtor thinks we should put an offer in of 270K, I think that is too high especially since it has been sitting for so long. I was thinking of going around 255K and see what they come back with. I threw that out there and she quickly said no they probably will just reject it and not even counter.
Thoughts?
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