Bank-Owned sale

A bank-owned Santa Fe model at 6242 C Durham just sold for $275,000.

The property went back to the bank on May 28th after foreclosing on the previous owner, who paid $525,000 for the home in September of 2005.

It took the bank over 2 months to get the home back on the market. Once they finally got it on the market, it was priced at $294,900 and went under contract in just over a month.

Journeys End...under contract...bank owned

The Bank-owned Santa Fe, on C. Durham, that went on the market just a few days ago is now under contract. This home was priced at $294,900. It was on the market 21 days before the bank signed an offer.

Typically with an agressively priced bank-owned property, the bank keeps the property on the market and accepts offers for 7-10 days, at which time, if they have multiple offers they give all prospective buyers the opportunity to put in what is known as their "highest and best" offer, at which time the bank normally accepts the best (not necessarily the highest), offer.