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.