Many People Think REO Foreclosure Properties Sell Cheaply!

Many think that just because a property is now owned by the bank, like my listing at 1099 23rd Street in San Francisco, that the bank will roll over and “give” it away for a mere pittance.  Nothing could be further from the truth.  When I get a listing from the lender, I have to do a broker’s price opinion and then the bank has a professional appraisal done on the property as well.  By some secret formula, the bank then takes our two appraisals and tells me what the property will be listed at.  So I have no control over the listing price and the bank will negotiate just as hard and sometimes harder then a regular seller.

Categories: Market Updates