Tips on Bank Owned Property

Sometimes you'll see bank owned property sit on the market for a long time. How does this happen?

The bank sets the price, not the local real estate agent. Many of these banks have no understanding of a local market of unique homes like Willow Glen.

Eventually the bank lowers the price it will accept to a number that represents a good deal for the home. The problem is that since the home has been on the market a long time, the buyers and their agents assume something is wrong with the home. Indeed, occasionally a lender has authorized new paint or carpet to help move the home.


This is good news for the bargain hunter. The home might have gotten multiple offers if it were priced right when it was first listed. Now, you may be able to buy without competition.