Southern Colorado, Pueblo and Canon City have their share of bank owned properties. But it’s a competitive market and sellers are pulling out all the stops to get the buyers attention and stay competitive.
Ultimately any seller will receive cash, depending on the circumstances. But cash is King and time is leverage. Cash offers can sometimes close more quickly than a financed offer.
Does a cash offer get a better deal on Bank Owned Property?
2010 Year End Stats:
182 Cash closes List price vs Sold price Avg 90.99%- 92.91% highest 134.74%
270 Financed Closes List price vs Sold price Avg 98.74%-100% highest 157.8%
*Royal Gorge MLS:
42 Cash Closes List price vs Sold price Avg 91.71% – 95.07% highest 117.06%
39 Financed Closes List price vs Sold price Avg 95.8% – 96.69% highest 106.2%
Not every buyer can pay cash for a property. But these stats prove that Cash is still king. Buyers who are financing should approach a property that needs to be financed with realistic expectations. Banks are not desperate to sell, they own the property. And if a property is in good condition banks are getting close asking price because they were priced correctly to begin with. Asset managers over seeing these bank owned properties know what they are doing. They price them right from the start.
More 2010 Stats on bank owned property : http://www.realestatecoloradostyle.com/bank-owned-houses-sold-in-2010
*Properties listed on the Pueblo MLS or Royal Gorge MLS may or may not be in the immediate area.
Dena Stevens Putting the ‘real’ into REALTOR since 2004