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San Bernardino and Riverside Counties The Inland Empire
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Old 02-02-2008, 03:43 PM
 
113 posts, read 1,312,958 times
Reputation: 134

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We are looking to buy a home in the Temecula/Murrieta area, you see homes on Craiglist that get listed at one price and then the following week they are $100k lower. My question is how low ball of an offer is the bank willing to look at and accept? I saw a home for sale on CL listed at $310k but it said they will take anything over $200k, can that be right? Does anybody know how desperate the banks really are to sell? Would love to hear from any realtors out there experiencing this first hand, thanks!
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Old 02-03-2008, 12:46 AM
 
1,655 posts, read 3,393,244 times
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I think thats right. My neighbors told me today that they are buying a second home in Murrieta for $230k.
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Old 02-11-2008, 01:49 PM
 
Location: Riverside County
11 posts, read 87,995 times
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Bank owned homes have to be watched. Lenders price according to market conditions and will typically not move more than 5% from their listed price withing the first 30 days of listing. After that, they will review pricing and adjust. The longer it lingers, the more negotiable they become but, none seem to be moving much from list and certainly not 50-100k regardless of what some claim. There are many "short sale" listings that agents are listing at prices they know lenders will not accept in order to get buyer information and then switch to bank owned homes....something to avoid. Bank owned homes can be an exceptional value if your are patient. The best ones, at the best prices sell before most agents even know they were available. Find a good agent that is experienced in bank owned homes and develop a relationship with him or her (The best deals are had by their best clients). Many claim to be knowledgeable about the process of buying bank owned homes but, ask the agent for listings of bank owned properties they have listed. If they dont have any....they dont usually know the process. If they dont know the process, you will be picking through the bottom of the barrel to find a deal.
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Old 02-12-2008, 05:44 AM
 
113 posts, read 1,312,958 times
Reputation: 134
Thanks for the information
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Old 02-25-2008, 01:42 PM
 
365 posts, read 1,417,030 times
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Some will reduce it just to tease and invite many offers to have activity. A client of mine almost put an offer on a house that was reduced $200k, but when I called the listing agent, she said they had 19 offers on the housing, the highest being $110k over the extreme price reduction they did. She also said the bank was deciding if that was even good enough. Your best bet is to place an offer you feel comfortable with and hope they counter instead of dismissing it altogether. That is the worst part about banks is that they won't always respond. Do you have any more questions?
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