The research stems from the question, “how much should I offer a bank owned property?”
The result from running some searches:
- In Beaverton and Tigard since 1/1/2009 bank owned single family properties priced between $200k-$400k have sold for an average of 97% of asking price (70 of them).
- In Portland, the same criteria yields 137 properties that sold for 98% of asking price.
- There are over 1400 sold properties that were neither bank owned or third party approval in Portland. Beyond the number crunching realm. Narrowing it down to the 97214 zip code results in 42 properties that sold at 98% of asking.
- The 89 properties listed as third party approval sold for an average of 97% of asking in Portland.
Important to note that these are percentages of the most current list price, not the original list price. The initial results appear to imply that it doesn’t matter if the property is seller owned, subject to third party or bank owned when it comes to pricing bias.