4312 Hawks Nest Dr. Lutz, FL 33558 Foreclosure!! Bank asking too much!?What are the banks thinking. I went with a friend to 4312 Hawks Nest in Lutz, FL to check out a foreclosure. It's a house with a lot of potential. 4 bedroom home with a tiny pool and backs up to preservation. It was probably a better house prior to it's run down condition and the hospital next door. We... | |
That house sitting there is not hurting the economy. It isn't hurting anyone.
Your friend should forget this one and look for one he likes and feels is a good value.
This is how it works. The banks sees how much the previous owner owes on the mortgage. The bank has the "Asset Manager Companies" to hire real estate companies to "take care" of the property. The agent that is assigned to that specific property needs to do what is called a BPO. (Broker Price Opinion), which is basically like a CMA.. study the house around by 1 mile what has been sold etc.. then, the agent needs to contact a Fannie Mae vendor (IF it's a Fannie Mae property) to give bids on the things that need to be repaired/replaced. Then, the agent reports all of these documents back to the Asset manager and the Asset Manager (which represents the bank) is the one to come up with the price.
Yes, there are times that the agents give a BPO price and the bank comes bank with a total weird $$ number.. but usually that is how the process works.
It doesn't make sense to you, but it makes sense to someone possibly thousands of miles away who makes the policy book that bank is playing by.
The Realtor has very little to do with this, we can do a BPO (brokers price opinion), look at an appraisal, suggest a starting price, but the bank owns the property and they set the listing price. Lenders typically start high and reduce the price every 30 - 45 days until it sells.
The "train of thought" is irrelevant. If you want to make an offer, make an offer. If it's not accepted, move on.
