What Should I Offer?

I am hearing buyers ask "What Should I offer?" every day on Bank Owned Properties. What you need to remember is that the Bank wants to sell. They are listing the homes below appraised value. But how can you be sure? Every bank orders Broker Price Opinions, BPO's on their inventory monthly. They want to know if the market is trending one one or the other. Then they price accordingly. They know that there are first time home buyers out there trying to spend there $8,000 of Obama dollars. They also know that the foreign investor is in the market because the dollar is weak. They also know the domestic investors have been waiting for years to get in this position for their portfolios.

So, the ten million dollar question isn't what the bank will take, it's am I going to be high enough to out bid the other buyers? I have looked at the trend for August on sold properties and the majority of Bank Owned Properties are selling over asking price. So, when looking to buy a Bank Owned Foreclosed Property, forget what it's listed at, and understand what it's worth. They are all good deals!

Below I have attached a link that will show the sale prices as compared to the listing prices.

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