Last week it seemed like all I worked on was for Condos, so if this week was to have a theme it would have to be bank owned homes. Over the weekend I did 3 showings, all for different clients, and all the homes we saw was for bank owned properties. Even this morning I had a phone call with questions on a property they saw on my website and even that was for a bank owned property.
Now, I haven't dealt a lot with bank owned properties, so the fact that I had three showings and a phone call in a matter of a couple days, seems a little odd to me. If there is one thing that stood out to me regarding these properties is that you never really know what to expect.
All of them had been sitting unoccupied for some time but the conditions between them really varied. The first one was in pretty good condition and seem like the previous owners did all they could to keep the house in good condition, whereas the other two were in very poor condition. But there was one thing in common with all three and this was they all were really great deals.
The properties were well under market price, even if their condition wasn't the greatest, which did bring in a lot of interests from investors and regular buyers a like. We ended up putting in offers for 2 of the clients on the properties that they saw. For the first one, we found out that the bank was holding all offers for a particular date, so we would have to wait awhile to find out if it would be accepted, while the other one was reviewing the offers as they come in.
The craziest thing that I ran across was for one of the properties that was drawing an extreme amount of attention. The house pretty much needed to be completely overhauled but the property itself was listed so low, that it created a frenzy. Even though the house was in very poor condition, the location of the property was in a prime area, so I have no doubt there were a lot of investors interested in this one.
During the showing it was like an open house with people just coming and going to view the place and people were lined up and down the street waiting for their turn. I have seen properties that got a lot of attention but little in the ways of an offer but that wasn't the case in this one. It turned out, that this property had already received 10 offers, which had driven the offers more than 100k more than what the listing price was. Which of course prevented my client from putting in there own offer on the place, which they wanted to do before finding out there were so many offers.
I don't really have a lesson or tip with this post, I just thought it was interesting how in a matter of a few days that I would end up spending some time with bank owned properties, which I haven't really dealt with previously. But if I was to give a tip regarding bank owned properties, it would have to be expect the unexpected and just go with the flow.
Chris Weaver
Keller Williams
560 Naches Ave SW #100
Renton, WA 98055
chris@cweaverrealestate.com
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