It’s happening less and less, but they are still out there. Of course I’m referring to distressed homes, short sales or bank owned properties.

Rivermark currently has one bank owned home on the market. Its a 2 bedroom Park Plan 2 and its listed at $575K. On paper it seems like a great deal, but the home is situated on Lick Mill and needs some work, not a whole lot but it definitely isn’t showing its full potential.

This home has been listed for some time, but no takers yet. Which prompts me to ask, why? Bank owned homes are supposed to be deals and as a buyer you should expect to get a great price on one of these properties. The reality is that even if the home is bank owned if it is situated in a great neighborhood where demand is high, it will likely not sell as low as you think.

A home like the one I’m referring to in Rivermark is a great example. This home if sold on the market through a regular seller and not be a short sale, would likely sell in the low to mid $500K range. Perhaps a seller would do the small level of cosmetic repairs and stage the home to appeal to more buyers and get a better price. That’s really the only difference. Bank owned or REO homes, although they typically will not show as well as their regular sale counterparts, the sale price will probably just reflect the poor showing and the work that the new owner will have to do to get the home to move in condition.

So how do you spot a deal on a bank owned home? Well you have to make sure the work that would be involved in repairing isn’t that much. In this case the home has some nice updates like the hardwood floors, granite tile countertops, upgraded kitchen and bathroom tile, and upgraded carpet. The work that would need to be completed would be interior painting $2500 and new appliances $3000 – $5000. Once those are in this home would show like a model.

In this case the buyer will have to have good timing to get this property at a good price. The asset manager is asking more than what the market is considering fair and will eventually have to lower his price. Quite a number of asset managers do this reluctantly and do not negotiate the price down too far from list. There have been some occasions where the asset manager have taken low ball offers without countering when the market had been sitting on the market for some time, or the contract cancelled due to some problem relating to the property. Getting a good deal on one of these REO’s you will have to sit tight until the asset manager drops the price to a comfortable level that you are interested in or just happen to catch them on the right day with a offer.Similar Posts:

• Bank Owned or REO Townhome in Rivermark
• Closed Short Sale in Rivermark Park Development
• Rivermark Town home, REO, Unbelievable Deal
• 3 Rivermark Landings Plan 1 Townhomes For Sale
• Rivermark Notice of Defaults, Notice of Trustee Sale and Bank Owned

We haven’t experienced this in some months, we have 3 town homes available on the market currently. Although the market is busy and inventory is selling fast these properties are perhaps testing current buyers to see if they are ready to pay higher for these units.

Out of the there units one is a regular sale, another a short sale, and the last one a bank owned property or REO.

Prices range from $550K to $600K for the same unit. Locations vary and of course condition will vary as well. This is a good opportunity for home buyers to negotiate and be able to buy one of these great units.

4546 LICK MILL BL MLS Num: 81012281 Status: Active City: Santa Clara County: SANTA CLARA COUNTY Zip: 95054 Bedrooms: 2 Bathrooms: 2.5 Square Feet: 1464 Lot Size: 0.050 acresYear Built: 2005 List Date: 3/15/2010 Org. List Price: $549,000 List Price: $549,000 Sold Date: – Sold Price: – Public Remarks Don’t miss this Great Rivermark Short Sale Opportunity! Features incl Dual Master Suites, Large Island Kitchen, Bonus Office Nook, 2-Car Garage w/200+ SqFt Bonus Storage, Central A/C, Gas FP, Custom Vinyl Shutter Blinds throughout, Custom Built-In 5-Speaker Surround(Living Room), Private Front Patio, Walking distance to Rivermark Shopping, Restaurants, Community Park & Pool, Tennis Courts, & more 4426 LICK MILL BL MLS Num: 81013942 Status: Active City: Santa Clara County: SANTA CLARA COUNTY Zip: 95054 Bedrooms: 2 Bathrooms: 2.5 Square Feet: 1464 Lot Size: 0.050 acresYear Built: 2005 List Date: 3/23/2010 Org. List Price: $589,000 List Price: $589,000 Sold Date: – Sold Price: – Public Remarks Great townhome in great location! Near Rivermark Plaza, public transit, major freeways. 4049 CRANDALL CIR MLS Num: 81014016 Status: Active City: Santa Clara County: SANTA CLARA COUNTY Zip: 95054 Bedrooms: 2 Bathrooms: 2.5 Square Feet: 1464 Lot Size: 0.054 acresYear Built: 2004 List Date: 3/24/2010 Org. List Price: $599,000 List Price: $599,000 Sold Date: – Sold Price: – Public Remarks This Landings town home shows beautifully with 2 bedrooms, 2.5 baths, 1,464sf and upgrades that include: granite slab countertops & backsplash, large island and gas range stove in the kitchen, pecan hardwood, ceramic tile and upgraded carpeting, recessed lighting, custom window treatments and more! Within the Rivermark community and steps from Live Oak Park, Don Callejon K-8 School and the pool!

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