REAL ESTATE QUESTIONS OF THE WEEK:
Why are some Bank Owned Homes for sale in Lake Mary priced so low?
No one will argue that these are trying times… The economy, housing market and health care are on the minds of many. Homebuyers today are looking for the best deals and often this means that they are interested in Bank Owned Homes / Foreclosures.
Bank Owned homes are selling… and they are selling fast.
There is a reason that many of the foreclosures that go on the market sell within days or even hours, the Bank that owns these homes prices the homes under market value.
Why do banks under price their foreclosure inventory?
- The Bank just want to get the nonperforming asset off the books.
– or –
- The Bank wants to generate a lot of interest in the property with the “low” price with the desire to create a multiple offer situation, therefore driving the sales price upward.
I have been involved in so many multiple offer situations involving foreclosures within in the past year that I’ve lost count. Some successful, but many are not. Homes that seemed to be priced “to good to be true” were, with the offers coming in far above the list price and buyers left wondering “what if”…
If you are considering buying a bank owned home in Seminole County, realize that the “list price” may just be the opening bid and that if you really want to purchase the home you may have to make a considerably higher offer.
Note – Every situation is different, if you are considering purchasing a bank owned home please seek the advice of a professional.
Everyone is talking about Buying a Foreclosure Property…