How Low Will They Go (Home Prices on Offers to BANK OWNED HOMES)?

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Real Estate Agent with RE/MAX Results 20344949

Its an interesting time in the market now. Especially in a cold state like Minnesota.  Typically there are less buyers out looking this time of year, yet the inventory of homes is still FAT.

So a question I get is: HOW LOW WILL THE BANK SELL THIS HOME FOR?

That can be a tough question to answer.  Sometimes the homes are priced right and they still sell for full price or higher.  Many times the homes are priced close to the right price and sell slightly under asking price.  Its NOT often that the bank will take $50,000 OFF  the current listing price and sell the home. (Its not impossible - just not often).

This scenario is different in the upper price range where a $50,000 price drop might be needed.  On the lower priced homes, say under $200,000, a $50,000 price drop is a quarter of the asking price.  The BANKS typically would rather drop it $10,000 to see if it would sell for that then to take a $50,000 immediate hit on a "low ball" offer.

Overall the BANKS are more willing to take lower offers then in the past.  Especially this time of year in Minnesota!  I think this is the best time to buy a home because of the weather.  So Minnesota home buyers - GET OUT AND BUY!

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Chuck Carstensen is a Realtor with The Discovery Team at RE/MAX; helping buyers, sellers, and investors of residential real estate.  He is a Dynamic Life Coach; The Discovery Coach- "Helping you discover your talents, desires and purpose." Carstensen is a speaker and co-author in the best selling book series Wake Up...Live the Life You Love: Your Wake Up Moments (available this winter).

 

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Chuck Carstensen is a Realtor with RE/MAX Results in Elk River and Cambridge, MN.  Helping buyers, sellers and investors in great Minnesota counties like Sherburne, Isanti, Wright, Anoka, Chisago, Hennipen and Mille Lacs. He is a Certified Distressed Property Expert (CDPE).

Contact Chuck by emailing him at chuck.carstensen@results.net or by phone at 612-290-3809. 

 

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Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I think most everyone knows that hae the foreclosed homes that they need to price them right or they will set on them!

Nov 23, 2008 10:07 AM #1
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Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor


I ran across your blog while looking for a property and realtors in Sherburne County. 

So, banks are more willing to sell in cold weather in Minnesota?  Not to be disrepectful, Chuck, but I price properties for banks.  I do the BPOs and get the listings.  We winterize the properties, we price them to sell.  We look at solds and actives. We do our markets based on now, 30-60-120 day pricing.  The banks aren't stupid.  They have agents in the field.  Not one but three to do markets on the properties and price accordingly.  We want the buyers to get out and take advantage of great market pricing right now, but let's be realistic that even now, there are few "steals" out there. If it looks to good to be true, it probably is. 

Nov 24, 2008 02:33 PM #2
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Chuck Carstensen

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