Bank REO

[LittleMissPiggy]

Can anyone have any experience with bank owned property? What is a good rule of thumb while making an offer on such property, do you go lower than the bank’s asking price or offer more…? Does bank come back to you to negotiate? Does it matter for how much bank bought/foreclosed the property?
Does your agent’s experience in dealing with this type of offers or lack of it matter?
Any information, experience, story or even a joke on this will be appreciated.

[scaredyclassic]

figure out exactly how much you think it’s worth. Subtract 15% from that figure. If you love it, add 3%. then Subtract 5% if you get a bad feeling from the eocnomy that day. Finally, take that number and round it up to the nearest $1,000. take that number and offer it to t he bank and tell them that’s it, no further negotiaions. Unless you decide you love. Then just double the last number and be done with it.

[scaredyclassic]

figure out exactly how much you think it’s worth. Subtract 15% from that figure. If you love it, add 3%. then Subtract 5% if you get a bad feeling from the eocnomy that day. Finally, take that number and round it up to the nearest $1,000. take that number and offer it to t he bank and tell them that’s it, no further negotiaions. Unless you decide you love. Then just double the last number and be done with it.

[scaredyclassic]

figure out exactly how much you think it’s worth. Subtract 15% from that figure. If you love it, add 3%. then Subtract 5% if you get a bad feeling from the eocnomy that day. Finally, take that number and round it up to the nearest $1,000. take that number and offer it to t he bank and tell them that’s it, no further negotiaions. Unless you decide you love. Then just double the last number and be done with it.

[scaredyclassic]

figure out exactly how much you think it’s worth. Subtract 15% from that figure. If you love it, add 3%. then Subtract 5% if you get a bad feeling from the eocnomy that day. Finally, take that number and round it up to the nearest $1,000. take that number and offer it to t he bank and tell them that’s it, no further negotiaions. Unless you decide you love. Then just double the last number and be done with it.

[scaredyclassic]

figure out exactly how much you think it’s worth. Subtract 15% from that figure. If you love it, add 3%. then Subtract 5% if you get a bad feeling from the eocnomy that day. Finally, take that number and round it up to the nearest $1,000. take that number and offer it to t he bank and tell them that’s it, no further negotiaions. Unless you decide you love. Then just double the last number and be done with it.

[AK]

Bidding on REOs can be a dirty, nasty, ugly affair, second only to bidding on short sales.

The true gatekeeper is the listing agent, not the bank. If you go directly through the listing agent (as opposed to using a buyer’s agent) he/she makes double the profit, because the meager commission doesn’t have to be shared. Of course this also means there’s no one to represent your interests in the deal, and the listing agent will probably regard you as a helpless suckling Pigglet ready to be slaughtered and roasted.

If you do use a buyer’s agent, it helps to be paying cash … If not make a reasonable offer with a substantial earnest money deposit, and don’t ask for any closing costs, repairs, etc. Overbidding doesn’t seem to help because of potential appraisal problems. Some listing agents will call for highest and best, some won’t.

Other than that, down payment doesn’t seem to matter so much.

Oh yeah, you have to be thick-skinned to play the REO game. Prepare for lots of disappointment and rejection, with regular doses of rudeness or outright insults.

[AK]

Bidding on REOs can be a dirty, nasty, ugly affair, second only to bidding on short sales.

The true gatekeeper is the listing agent, not the bank. If you go directly through the listing agent (as opposed to using a buyer’s agent) he/she makes double the profit, because the meager commission doesn’t have to be shared. Of course this also means there’s no one to represent your interests in the deal, and the listing agent will probably regard you as a helpless suckling Pigglet ready to be slaughtered and roasted.

If you do use a buyer’s agent, it helps to be paying cash … If not make a reasonable offer with a substantial earnest money deposit, and don’t ask for any closing costs, repairs, etc. Overbidding doesn’t seem to help because of potential appraisal problems. Some listing agents will call for highest and best, some won’t.

Other than that, down payment doesn’t seem to matter so much.

Oh yeah, you have to be thick-skinned to play the REO game. Prepare for lots of disappointment and rejection, with regular doses of rudeness or outright insults.

[AK]

Bidding on REOs can be a dirty, nasty, ugly affair, second only to bidding on short sales.

The true gatekeeper is the listing agent, not the bank. If you go directly through the listing agent (as opposed to using a buyer’s agent) he/she makes double the profit, because the meager commission doesn’t have to be shared. Of course this also means there’s no one to represent your interests in the deal, and the listing agent will probably regard you as a helpless suckling Pigglet ready to be slaughtered and roasted.

If you do use a buyer’s agent, it helps to be paying cash … If not make a reasonable offer with a substantial earnest money deposit, and don’t ask for any closing costs, repairs, etc. Overbidding doesn’t seem to help because of potential appraisal problems. Some listing agents will call for highest and best, some won’t.

Other than that, down payment doesn’t seem to matter so much.

Oh yeah, you have to be thick-skinned to play the REO game. Prepare for lots of disappointment and rejection, with regular doses of rudeness or outright insults.

[AK]

Bidding on REOs can be a dirty, nasty, ugly affair, second only to bidding on short sales.

The true gatekeeper is the listing agent, not the bank. If you go directly through the listing agent (as opposed to using a buyer’s agent) he/she makes double the profit, because the meager commission doesn’t have to be shared. Of course this also means there’s no one to represent your interests in the deal, and the listing agent will probably regard you as a helpless suckling Pigglet ready to be slaughtered and roasted.

If you do use a buyer’s agent, it helps to be paying cash … If not make a reasonable offer with a substantial earnest money deposit, and don’t ask for any closing costs, repairs, etc. Overbidding doesn’t seem to help because of potential appraisal problems. Some listing agents will call for highest and best, some won’t.

Other than that, down payment doesn’t seem to matter so much.

Oh yeah, you have to be thick-skinned to play the REO game. Prepare for lots of disappointment and rejection, with regular doses of rudeness or outright insults.

[AK]

Bidding on REOs can be a dirty, nasty, ugly affair, second only to bidding on short sales.

The true gatekeeper is the listing agent, not the bank. If you go directly through the listing agent (as opposed to using a buyer’s agent) he/she makes double the profit, because the meager commission doesn’t have to be shared. Of course this also means there’s no one to represent your interests in the deal, and the listing agent will probably regard you as a helpless suckling Pigglet ready to be slaughtered and roasted.

If you do use a buyer’s agent, it helps to be paying cash … If not make a reasonable offer with a substantial earnest money deposit, and don’t ask for any closing costs, repairs, etc. Overbidding doesn’t seem to help because of potential appraisal problems. Some listing agents will call for highest and best, some won’t.

Other than that, down payment doesn’t seem to matter so much.

Oh yeah, you have to be thick-skinned to play the REO game. Prepare for lots of disappointment and rejection, with regular doses of rudeness or outright insults.

[moneymaker]

Offer asking price then hope the appraisal comes in lower,of course you can always back out later if the bank won’t pay for whatever you want.

[moneymaker]

Offer asking price then hope the appraisal comes in lower,of course you can always back out later if the bank won’t pay for whatever you want.

[moneymaker]

Offer asking price then hope the appraisal comes in lower,of course you can always back out later if the bank won’t pay for whatever you want.

[moneymaker]

Offer asking price then hope the appraisal comes in lower,of course you can always back out later if the bank won’t pay for whatever you want.

[Author]

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