Interested in Short Sales? How much do you offer the bank?
Bank owned properties are popular these days for a “good deal.” The question is, What is the bank most likely to accept on a lower than asking priced offer? The answer seems to be in which bank you are dealing with. Overall it seems that banks are settling about 10% below asking price (see below)
Bank-Owned: 11,910 sales, 90.9% StO, 97.6% StL, 65 Days on Market.
Short Sales: 4,461 sales, 87.0% StO, 98.0% StL, 129 Days on Market.
Non-Distressed: 23,715 sales, 93.8% StO, 97.1% StL, 81 Days on Market.
|
Bank
|
2011
Sales |
Sale-to-Orig.
|
Sale-to-List
|
Days on
Market |
| Fannie Mae |
2,199 | 91.4% | 96.8% | 54 |
| US Bank |
629 | 89.5% | 97.7% | 66 |
| Freddie Mac |
626 | 92.0% | 99.2% | 63 |
| Deutsche Bank |
583 | 88.9% | 96.9% | 66 |
| Wells Fargo |
485 | 91.4% | 98.8% | 69 |
| Aurora Loan Services |
383 | 94.6% | 99.4% | 51 |
| US Dept. of Housing & Urban Development |
354 | 89.7% | 99.5% | 63 |
| HSBC Bank |
323 | 89.4% | 97.9% | 70 |
| Bank of New York Mellon |
214 | 90.2% | 96.8% | 57 |
| Bank of America |
198 | 90.2% | 96.5% | 64 |
| Dept. of Veterans Affairs |
158 | 92.4% | 97.0% | 64 |
| Citibank | 144 | 93.7% | 97.6% | 58 |
| Sterling Savings |
132 | 91.5% | 94.5% | 45 |
| Washington Federal | 124 | 93.8% | 97.3% | 75 |
| Boeing Employees Credit Union |
104 | 92.7% | 96.2% | 72 |
| GMAC Financial Services |
92 | 93.2% | 98.8% | 54 |
| JP Morgan Chase |
83 | 93.3% | 99.6% | 62 |
| First Savings Bank Northwest |
78 | 95.2% | 97.0% | 96 |
| Union Bank |
71 | 89.6% | 95.1% | 110 |
| Homestreet Bank |
70 | 93.3% | 97.7% | 82 |
And now for the awards…
Most Realistic Original Pricing:
First Savings Bank Northwest – 95.2% Sale to Original
Least Realistic Original Pricing:
Deutsche Bank – 88.9% Sale to Original
Most Willing to Negotiate:
Sterling Savings – 94.5% Sale to List
Least Willing to Negotiate:
JP Morgan Chase – 99.6% Sale to List
Quickest to Sell:
Sterling Savings – 45 Days on Market
Slowest to Sell:
Union Bank – 110 Days on Market
For more information on this study see: http://seattlebubble.com/blog/2012/01/10/federal-government-sells-over-1-in-4-seattle-area-reos/
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