Posted by Rob FL on December 16, 1999 at 10:17:00:
Most of the banks I have dealt with sell their property through a Realtor and are thus advertised in the MLS. One of the key words I search for is “bank owned.” I assume this is the bank’s company policy. No FSBOs.
I can’t speak for what basis they use to come up with their asking price. Most of the REO’s I have seen have been neglected and/or trashed by the foreclosed owner and the price reflects the fact that repairs will be necessary.
Is there a way to get a list of local bank owned properties??? - Posted by CJinPA
Posted by CJinPA on December 16, 1999 at 09:46:51:
I’m curious about this. Is there anyway to go about contacting local and regional banks regarding the property they hold from non-payment, etc?
I am aware that banks HATE holding property and I once heard that there is a rather large regional bank in PA that uses a formula of FMV-20% and would be willing to settle for 20% off that price, though they begin to negotiate at just 20% off of FMV. In essence the formula would be ((FMV-20%)-20%), not bad…now if anybody could help me as to HOW you go about contacting these banks.
Thanks
CJ