Tagged : boise bank-owned property

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I often get asked, “what kind of discount can I expect off a bank-owned home?” My answer is often… “it depends.” Most significantly, it depends on how long the property has been on the market and when they last reduced the price.

The reality is most Boise bank-owned homes (REOs) get offers shortly after coming on the market or after a price reduction (which are often substantial).  As a result, most REO properties sell for full price or more.

In the last month there have been 126 bank-owned sales in Boise. Of these, nearly 36% sold for more than asking price and 31% sold for full price. In other words, nearly 67% of the most recent bank-owned sales sold for full price or more. For these 126 sales, the sold price actually averaged 1% over asking

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In the last two months there's been about 100 bank-owned home sales in Boise.  I compiled this data to look at latest trends as they pertain to the percent discounted off the asking price.  Contrary to the tone you hear in the national news the local Boise bank-owned properties typically sell very quickly and close to the asking price.

42% of the Boise bank-owned properties sell at asking price or more.  Just 3% sell at more than a 15% discount.  It should be noted that the homes that sold with the larger % discounted were homes close to or under $100,000. It's less likely the get a 20% discount on a $300,000 home as it on a $100,000 home.

There's several factors in determining how much can be negotiated off bank-owned homes: (1) how long has it

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