Purchasing a Bank Owned Foreclosure in Kissimmee or Saint Cloud, Florida has changed the way buying a house has been traditionally done. The list price is set below market to attract the most buyers. Then the buyers are given the opportunity to input their highest and best offer. Far too many buyers get stuck on the list price as they feel the seller (The Bank) should get nothing more. What the sellers are doing is trying to find the market price. The market price is the amount of money that the public is willing to pay for goods. After all, isn't that what value really is? And who knows what the public is really willing to pay until an offer is made.
So, the sellers are listing their homes below what they perceive is market value and allow the market to bid the house to the value the house is worth in the publics eyes. It is an auction on the free market. This isn't how traditionally homes are sold and buyers are still trying to use the old ways of negotiating with a seller that has to sell as the buyer holds all the cards. Remember, the negotiating is being done by a third party. They don't care if the home is sold or not, just as long as the market demonstrates that they are getting all they can get. This is determined by getting multiple offers and choosing the highest one.
Next time you put in an offer on a Bank Owned Foreclosure in the Kissimmee, Saint Cloud, Florida area, determine what the value is of the house and what is it worth to you to own it. Remember that the list price is not the bench mark, it"s just a starting bid.
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