REO Offers

How much less than List Price will a Bank Take?

Not Much!  As a matter of fact most Bank Owned Properties get bid up over list price. Many buyers think they are getting a Great deal so they bid higher than they would on some Short listings or Equity Sales. Granted, there are very long waiting periods when submitting an offer on a Short Sale and many Equity Listings are still over priced. The Bank has no emotion when it comes to the list price. They order what is called a Broker Price Opinion. This is done by a local Realtor that knows the area where the property is located. Two or three of these are ordered and one is also done by the agent that will be listing the property. If all the values are close to the listing agent's number the Listing agent's value is normally used. On some REOs, like Fannie Mae, the bank expect's the list price to be 120% of the BPO value. This makes the listing agent's job difficult because no buyer wants to over pay. The bottom line is that if you use a Buyer's agent to help you purchase a property it makes sense to make sure they also LIST REO properties so they can give you the insider info to make sure your offer is accepted. For more info on making offers on San Diego County REO or Bank Owned Properties Call 619-749-8726

Frank Giaimo Broker Associate

Linkpin Realty / mailto:info@linkpinrealty.com Reo Listing Brokerage

619-749-8726