A bank owned home in Ventura’s mid-town at 258 Glen Ellen just sold. The asking price was $379,900. Many buyers today think they can offer less for an REO because the bank “just wants to get rid of it”. Wrong! This home just closed escrow for $440,999. The home is loaded with charm but needs A LOT of work. It was listed as having about 1,200 square feet on an oversize lot, year built “unknown” (old!), 2 bedrooms and 1 bath.

This is a good example of having to know value when you submit an offer.  Just because a property is bank owned doesn’t mean the price won’t go for more. Don and I work with our clients to learn and know value, so that when they see “THE HOME” they just-must-have, they’ll know how much to offer and be confident they’ve made the right choice.