Bank owned property ? (contingent, agents, accept, condo)

[Mylu]

In this market, would a bank consider a lease-purchase on a property that they owned? We are interested in purchasing a bank owned property/house, but would want to either rent our house (condo) out or sell it.

What so you think?

Thanks for your input!

[gustygulas]

They will not look at a lease purchase in my area. They will not even accept a contingent contract on a house to be sold.

[Mylu]

Thank you! We figured as much. Is the selling price usually pretty "set", too, or do people generally make a lower offer?

[Annemieke Roell]

They'll take a reasonable offer. They are not in the real estate owning business and really don't want to hold on to property longer than necessary.

[palmcoasting]

That all depends on the bank. I've seen some outright refuse an offer, let it sit and then end up lowering it on the market another $10K a month later. Some will negotiate, some won't. Some will counter, some won't.

[walidm]

Originally Posted by palmcoasting

That all depends on the bank. I've seen some outright refuse an offer, let it sit and then end up lowering it on the market another $10K a month later. Some will negotiate, some won't. Some will counter, some won't.

True, I worked with one of the top REO agents for over a year, and you'd be amazed at the banks stance at times.

[Adieoz]

I have never seen or heard any bank consider any sort of lease option or land contract.