How much do banks typically negotiate in selling a bank owned property?
Scott P. Rogers
Buyers can often find great opportunities in bank owned properties, but they often wonder how much they should expect to be able to negotiate off of the list price of a bank owned property. Let's take a look....
For all residential sales in Harrisonburg and Rockingham County in the past year, we find:
I suppose the important thing to remember is that the list-to-sell ratio of any property is largely dependent on how realistic the asking price is. Both a homeowner and a bank can price a home too high when putting it on the market. Perhaps banks do that less often, and thus achieve a (slightly) higher list-to-sell ratio despite still offering great deals on properties?
Additional Relevant Information:
For all residential sales in Harrisonburg and Rockingham County in the past year, we find:
- 738 sales
- Average List/Sell = 95.1%
- Median Sales Price = $176,375
- 75 sales
- Average List/Sell = 95.8%
- Median Sales Price = $130,000
I suppose the important thing to remember is that the list-to-sell ratio of any property is largely dependent on how realistic the asking price is. Both a homeowner and a bank can price a home too high when putting it on the market. Perhaps banks do that less often, and thus achieve a (slightly) higher list-to-sell ratio despite still offering great deals on properties?
Additional Relevant Information:
- Buying a Foreclosure (a refresher on the differences between short sales, trustee sales and bank owned properties)
- HarrisonburgForeclosures.com (upcoming trustee sales in Harrisonburg and Rockingham County)
