Profile picture for frenc

I had a realtor run some comps for me; I think all of them were bank owned. Would I price my house

in that same price range if I wanted to sell it.
  • February 15 2009 - Auburn
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Answers (6)

Profile picture for VegasResident
Nathan mentioned the AS-IS clause which is usually a owner owned leverage against foreclosures but I have a friend who bought a foreclosure last week and the bank allowed an inspection, fronted money for an air conditioning repair, gave a warranty and also paid closing costs.

So the AS-IS of the past can be negotiated on with all the foreclosures banks want to get rid of.
  • February 17 2009
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Profile picture for VegasResident
If your market is mostly foreclosure, like many cities, those are your competition. You can offer alot of incentives, but from people I know that are now buying foreclosures, most have gotten warranties, closing costs paid, etc. by the banks who really want the houses gone so I am not sure that you can price above a foreclosure any more.
  • February 17 2009
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Profile picture for natewolf
Unfortunately, this is exactly the reason that "bank owned" i.e. "foreclosure" properties affect home values. Because people like you, who are NOT in foreclosure, are directly affected when you try to sell your home.

HOWEVER, you do have some advantages, which could allow you to sell your home for top dollar. You can give a warranty on your home. You can offer partial Seller Financing and/or Rate Buydown of the Buyer Interest Rates. You can also offer many upgrades or other items which banks / foreclosure properties will not offer.

Foreclosure/Bank Owned properties often have MAJOR Exclusionary Addendum which state things like "As-Is", "No Repairs" and other conditions of the sale. You can be much more accomodating to the buyers.
  • February 16 2009
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Why do you think the comps were bank owned? Either way I would have asked the agent if they were REOs. But these homes are your competition and the key phrase you used was "IF you wanted to sell your home". You must consider these even if they are REO. You want to price your home correctly or else you are wasting your time in todays market.
  • February 16 2009
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Profile picture for broker_GRI
Yes those properties are your direct competition. If you are in a still declining market you may want to give serious consideration to pricing even lower after a month or so on the market.
Best wishes
  • February 16 2009
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Profile picture for glenmit1
Yes if your house is similar in characteristics and condition.  Those properties would be your competition.  If the bank owned properties are too low, consider renting.
  • February 15 2009
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