I was talking to an agent the other day who called on my listing and she kept asking me questions that only the original owner of the home would know. Finally, I explained to her that I did not have the answer and the seller was the bank and there is no way to find out the info she needed.
You would've thought I called her a dirty name. Immediately she became defiant and said she would never show a bank owned and that it was a disgrace that I did not put in the MLS that it was bank owned. She said it was unethical and illegal. I said why? What is the difference? Bank owned or not, the value of the home is based on the condition, the comps, and what a buyer wants to pay for it, not who owns it. Its not a material part of the transaction, and the bank has hired me to sell the home for the most possible. Why would I advertise it as a bank owned, knowing that it would draw out those that want the home for free?
So, is bank owned a dirty word? Does it stigmatize a home, make it worth less, and cause people to loose sleep over it? Sometimes the bank owned are nicer than the owner or tenant occupied variety. After all, I already pulled the cat piss carpet from the home, something many sellers have not done. So it is sold as-is. Every home is sold as-is if you really think about it. I think agents that don't want to deal with bank owned are missing the boat for their clients to get a good deal.
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