Saturday, April 6, 2013

If a foreclosed home/REO is taken off the market, will it be re-listed at the same price?

The reason why it's difficult to answer this dynamic question if because there could be many variables which could cause the price to be adjusted. Here are a couple:
1. If there are repairs needed that weren't evident originally, the lender may decide to take the home off the market while the repairs are done. If the condition of the home is improved, this will most likely affect the market value of the home and the lender may decide to increase the price to reflect the new condition of the home.
2. A lender may request a BPO or Broker's Price Opinion to assess any changes and fluctuation in the market value of the property when it's relisted which could also affect the price.

If you're really interested in the property, the best situation is to have your Realtor continue communication with the listing agent for any updates which they can legally share and be ready when it's listed again. Have your pre-approval and/or proof of funds ready to make an offer.

No comments:

Post a Comment