What do you know about this bank?

This is the most common question I get from both agents and buyers.  The other questions I get are:  Are there any offers on the property and do you think the bank will take a cash offer (and those offers are usually very low but they are quick close and cash).  This post is about the question:  What do you know about this bank? The answer: In a word "nothing".

The important factor here is that I do not deal with direct with the bank.  I deal with the asset manager for the asset management team that is in charge of selling this property for the bank.  It is also important to remember that each company is different but usually they all have the same MO - they want the most they can get for the property and they will not bend too much from the list price.  They are already feeling that they are taking a hit on the property and are not ready to take more from their commission to make a buyer happy.

So they are pretty firm, but then again - they are usually in the counter mode and will counter you and let you know where they are coming from.  I am in no position to tell you what to offer or counter, because I do not know you like that.  I advise you to review the offer and the counter(s) carefully and if I am your agent I will go over what they mean, but at the end of the decision is YOU.

Asking what do I know about the bank is that I do not know much.  I may be able to give you the name but remember the asset management company was hired to act in the place of the bank.... And they then have to take into consideration what they will be getting from the sale and are really much interested in deceasing the sales price by much because it is like taking money out of their pockets too.

I hope this helps shed some light on what your agent really knows about the bank that owns the property and if it really matters.  Each transaction is different so it is very hard to honestly call it for you.

• Need a Short Sale Specialist?  CLICK
• Want to purchase a REO property? Want to know what properties I have to sell? CLICK
• Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide CLICK 
• For a FREE MARKET EVALUATION of your home   CLICK

Check out: Real Estate Terms/Definitions.  And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties.  Our consultations are free.  Our aggressive marketing plan includes on-line listing advertising.  If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call.  If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.

Website: http://www.motheranddaughterrealty.com