Bank owned property

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This topic contains 1 reply, has 2 voices, and was last updated by  StanleyDe49 1 year, 2 months ago.

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  • #1354

    Candace Pflum
    Participant

    So today my coworker was telling me about an investment property that she bid on. They bid just below the asking price. They put $5000 down on a bank owned property and waited about five months to see if the bank will except their offer. It turns out after that time the bank notified everyone that put in a bid on the property and said they were not excepting any of the offers. Then she found out the bank raised the price by $20,000. Have you seen something like this happen before an empty lot at his bank account? Is there a reason why event would raise the price by so much after not excepting any offers?

  • #1362

    StanleyDe49
    Participant

    That’s pretty interesting. Makes me wonder if there is more to the story. Sounds like it was a sale, not an auction, so a reserve price shouldn’t have been an issue. If the offered just below asking, you’d think the bank would have taken it.

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