Last year I submitted an offer on a bank owned property that was quickly rejected by the bank without a counter offer. The bank is a local home grown bank that has lent to many builders and buyers in the area. This was a bit of an eye opener because we had talked to many of the bank decision makers and were told that we are in the ball park for the comps.
Now this property is vacant land and has grazing cattle that are obviously being fed well and taken care of. While discussing the offer with my client we decided that we would not submit another offer. Four months later my client friend decided he would like for me to investigate the possibility of submitting another offer. I looked on the MLS for starters and found that the property had been re-listed after our offer with the same price. I then did another search to see how many properties the bank has listed. There were several in the same county that have been on the market for several months at higher than comp prices. There were none sold for the previous year, at least on the MLS.
My conclusion is that the bank is holding the properties and waiting for better real estate times. Is there some sort of ulterior motive for the non sale of the properties? I don’t have a clue...
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