Destin Foreclosures | Not All Bank Owned Properties are Good Deals.
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I am a Destin and 30A Realtor and I have sold many short sales and bank owned properties. I often have buyers call and tell me that they want to look at short sales and REOs (bank owned) ONLY. To tell you honestly, not all bank owned properties are great deals. I have dealt with many situations where we could not get the bank to accept a realistic offer. The truth of the matter is that sometimes the banks are not ready to sell. I have spoken with many bankers about this and it is all related to the banks books and the value of the property on their books. In some cases the bank may have the property overpriced on their books. Maybe they got a high appraisal or maybe the bank is not in a position to move the property and take their loss. Also, some banks price their properties high in the beginning and they are not interested in lowering their price until the property has been sitting on the market for a while. If a bank sells a property for less than their value on the books, they have to come up with the capital to cover the loss.
Do not be discouraged if you offer on a bank owned property and find that the bank is completely unrealistic. This is actually very common and you may just have to move on. Many bank owned properties can present fantastic opportunities and when you find that great deal, be sure to move fast and aggressively, because a under priced REO listing will almost always attract multiple offers. If you move fast, you may have the benefit of negotiating with the lender prior to the other offers coming in.
I tell my clients not to rule out traditional properties because you may have a realistic seller that understands he will have compete with short sales and REOs to make a sale. Be sure to look at all properties and study the comps and you should be able to find a great deal.
Clayton Bonjean | Broker | President | MBA
850.585.1284 - Direct
800.398.6882 - Fax
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