Ask an Expert, Big Bear Real Estate

Brutally Honest Big Bear Real Estate

Negotiating with a Bank is Like Eating a Sandwich with an Alligator.

Banks don’t use much logic or emotion when they are selling homes. Once they get you in the deal, they usually want everything to go their way. They aren’t good about changing the price, extending the escrow or negotiating repairs.

If you are not willing to play the game under their rules, you might as well just find a different home. All negotiating needs to be done before you sign the bank addendum that is sent out after you place the offer. I recommend getting inspections done immediately after you send the offer to the listing agent and they give you the verbal acceptance. This will give you time to ask for items that are needed on the bank addendum.

Ideally you’ve looked at the home closely . You and your real estate agent have noticed all of the minor items and figured these items into the price offered.  Banks really want the deal to be over when the addendum is returned and signed off by both parties.

Days on the market is very important on bank owned homes. Bank owned homes that are price correctly, sell in weeks not months. Some of the best deals can be made on bank owned homes that are either just listed, or have been on the market for over 100 days. The bank owned homes that have been on the market for over 3 months, have possibly become stale to most buyers and agents. These properties may have the best opportunity since not as much activity is taking place and the chance of competing with another buyer is less that a newly listed bank owned.

Sales prices are still, and always will be, controlled by the market. Most buyers will need to get a loan to purchase the property. Now more than ever, lenders will want an accurate appraisal. Homes that are priced over market value will not be able to get financing.

Steve Hirschler

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May 17, 2009 - Posted by | Bank owned in Big Bear, Big Bear Real Estate, Big Bear Real Estate Market | , ,

2 Comments »

  1. Several good points and similar to what we are experiencing here in the Orlando-Kissimmee market. With nearly 6 out of 10 sales being homes owned by the bank, buyers are alos having to deal once again with multiple offer situations. Highest and best buys the bank owned house here.

    Comment by Greg Staker | May 17, 2009 | Reply

  2. nice topic… thanks… 😀

    Comment by GARYANDLANA | May 18, 2009 | Reply


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