If you are looking to purchase a bank owned property and want a bargain, take a look at how many days the home has been for sale before submitting your offer.
If the home has been on the market for 30 days or less, the bank is probably not going to negotiate much on the price.It is not uncommon for banks to ask for the full purchase price if they receive an offer on a home that has only been on the market for a few days.
So if you want to increase the likelihood of the bank wiling to negotiate with a lower offer, look at properties that have been on the market for a longer period of time.The bank doesn’t like to hold onto properties for a long period of time since they need to sell them in order to get the bank owned properties off the books.
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