14513 Sun Forest, Banked Owned Property, Reconditioned by the Bank, and Listed for $299,900

This is a very new trend in bank owned repossessed property. The bank had refurbished this house, painted it, cleaned the carpets, and got it into move-in ready condition, and they have listed it at exactly the same price as you would expect for a retail sale. No discount here. This home would be competitive with any similar home in the same condition in the same neighborhood. Historically, banks sell homes “AS IS” and offer substantial discounts to buyers willing to take the home in whatever condition the defaulting seller leaves it. Often these homes are a mess. Not here. The bank has come in, painted and cleaned it up, and made it look any other home your might expect to see with an equity sale.
Will buyers be willing to pay retail prices when buying from a wholesale seller? I don’t expect this home to sell for a great discount to list price, but if it sells at or near $300,000, then the bank will certainly take that into account when they get their next foreclosure. We will just have to watch and see what happens in this market.

Author: gordon

Nevada County Resident since 1988. Painting and Decorating Contractor 1985-2003 Nevada County Realtor Since 2004 Member of the Nevada County Masters Club (top producing agent) Every Year Since 2004