Bank Owned (REO) Mutifamily Prices Dive Deeper

It wasn’t but two years ago I was selling multifamilies in Everett for nearly $500,000 (high $400s anyway, sometimes less - like this one on the left) this price made no sense whatsoever for the buyer except that everyone was banking on appreciation.

Now we’re 2 years later and the property pictured on the left, a bank owned multifamily (that’s right ‘REO’) is on the market for $205,000. Last sales price? $380,000. The bank bought it back for $331,708. Now it’s on the market for $205,000. HOLD THE PHONE - these numbers are starting to make sense.

At $380,000 this thing would not even pay for itself, now at $205k we’re talking cash-flow. And guess what - you’ll pay less than that for this and you can probably negotiate up to 6% back in closing costs.

Banks don’t want to own property. They HAVE to get rid of it. They are the most motivated seller’s in this market and they have tons of inventory. Bank owned property and REOs are hands down the best opportunity in today’s market. Go find yourself one today.

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