Bank-Owned Home Negotiating Takes Experience, Patience

RealtyTrac foreclosure roundup showed that for the first time in a long time foreclosure activity throughout the nation was on the increase. That is due largely  to an 11% month-over-month increase in bank repossessions (REOs), U.S. foreclosure starts increased 4% from the previous month.

Daren Blomquist, the vice president for RealtyTrac, pointed out the state of the market. “While distressed properties —bank-owned, pre-foreclosure or even short sales not in foreclosure — are still selling at a significant discount compared to non-distressed properties, average distressed property prices are increasing in many markets thanks to a strong demand and limited inventory.” 

Knowledge is Power! It is important that you can rely on a professional with a history of successful negotiations.  Make sure you always team with an experienced real estate agent.  It takes skill in dealing with the bank. The guidance you get can make all the difference when it comes to writing a winning proposal.

Make sure to consider properties that have been slow to move.  Some of the ripest targets can be Boise properties with a history of failing to sell.  Don’t worry about the Boise properties that are flying off of the market.  Don’t sell the homes that are in need of repair short.  It is possible to still save lots of money after the adjustment for refurbishing and maintenance.

You can still find yourself being outbid on a bank-owned property even if you find a bank-owned home with lots of potential.   You have to be in the right frame of mind to get the best out of a Boise bank-owned home property.  Don’t plan on playing hardball with the bank or think you are going to take your own sweet time!

If you are looking for a bank-owned home in Boise – or even if you are just looking for a great property – I am here to help all of my buyers get the best deal possible!

A few boise-meridian-bankowned homes in Boise, Idaho that are active and updated Monday through Friday except holidays provided by IDX/IMLS: