Bank REO

[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.

[1stimebuy]

I have placed 2 offers (and lost)… and came to following conclusion.

Important thing is that you like the property first.

* There is no negotiation – You put in your best & final offer the first time

* Do basic stuff – pre-approval letter or cash offers, no strings attached.

* Forget your own buyer’s agent, and go with the REO listing agent. If the house is good, you’ll be in multiple offer situation, and it’ll increase your chances, plus you do not have to worry if your offer’s forwarded to the bank or not!

* If you insist on your own agent, then he needs to be good with REO transactions. Then again, you wouldn’t be asking it here…

* Be prepared to get some repair bills – 3K & up is minimum I think.

As for the price – it depends on area & how long it’s been on the market. (disclaimer: I’m not a professional but just a prospective buyer)

Listing price seems to get reduced about 5% every 2 weeks of market time. Just my observation. Plus it’s a sellers market – so I wouldn’t expect 20% off unless the property is really ugly.

If the price is significantly below market price, and it just came out, then I would add 15k over asking.

Foreclosure radar or realtytrac shows the loan amount – but I read from internet that it has no bearing in the bank’s decision. They will sell at fair market price, or more if possible, but not that much lower.

[1stimebuy]

I have placed 2 offers (and lost)… and came to following conclusion.

Important thing is that you like the property first.

* There is no negotiation – You put in your best & final offer the first time

* Do basic stuff – pre-approval letter or cash offers, no strings attached.

* Forget your own buyer’s agent, and go with the REO listing agent. If the house is good, you’ll be in multiple offer situation, and it’ll increase your chances, plus you do not have to worry if your offer’s forwarded to the bank or not!

* If you insist on your own agent, then he needs to be good with REO transactions. Then again, you wouldn’t be asking it here…

* Be prepared to get some repair bills – 3K & up is minimum I think.

As for the price – it depends on area & how long it’s been on the market. (disclaimer: I’m not a professional but just a prospective buyer)

Listing price seems to get reduced about 5% every 2 weeks of market time. Just my observation. Plus it’s a sellers market – so I wouldn’t expect 20% off unless the property is really ugly.

If the price is significantly below market price, and it just came out, then I would add 15k over asking.

Foreclosure radar or realtytrac shows the loan amount – but I read from internet that it has no bearing in the bank’s decision. They will sell at fair market price, or more if possible, but not that much lower.

[1stimebuy]

I have placed 2 offers (and lost)… and came to following conclusion.

Important thing is that you like the property first.

* There is no negotiation – You put in your best & final offer the first time

* Do basic stuff – pre-approval letter or cash offers, no strings attached.

* Forget your own buyer’s agent, and go with the REO listing agent. If the house is good, you’ll be in multiple offer situation, and it’ll increase your chances, plus you do not have to worry if your offer’s forwarded to the bank or not!

* If you insist on your own agent, then he needs to be good with REO transactions. Then again, you wouldn’t be asking it here…

* Be prepared to get some repair bills – 3K & up is minimum I think.

As for the price – it depends on area & how long it’s been on the market. (disclaimer: I’m not a professional but just a prospective buyer)

Listing price seems to get reduced about 5% every 2 weeks of market time. Just my observation. Plus it’s a sellers market – so I wouldn’t expect 20% off unless the property is really ugly.

If the price is significantly below market price, and it just came out, then I would add 15k over asking.

Foreclosure radar or realtytrac shows the loan amount – but I read from internet that it has no bearing in the bank’s decision. They will sell at fair market price, or more if possible, but not that much lower.

[1stimebuy]

I have placed 2 offers (and lost)… and came to following conclusion.

Important thing is that you like the property first.

* There is no negotiation – You put in your best & final offer the first time

* Do basic stuff – pre-approval letter or cash offers, no strings attached.

* Forget your own buyer’s agent, and go with the REO listing agent. If the house is good, you’ll be in multiple offer situation, and it’ll increase your chances, plus you do not have to worry if your offer’s forwarded to the bank or not!

* If you insist on your own agent, then he needs to be good with REO transactions. Then again, you wouldn’t be asking it here…

* Be prepared to get some repair bills – 3K & up is minimum I think.

As for the price – it depends on area & how long it’s been on the market. (disclaimer: I’m not a professional but just a prospective buyer)

Listing price seems to get reduced about 5% every 2 weeks of market time. Just my observation. Plus it’s a sellers market – so I wouldn’t expect 20% off unless the property is really ugly.

If the price is significantly below market price, and it just came out, then I would add 15k over asking.

Foreclosure radar or realtytrac shows the loan amount – but I read from internet that it has no bearing in the bank’s decision. They will sell at fair market price, or more if possible, but not that much lower.

[1stimebuy]

I have placed 2 offers (and lost)… and came to following conclusion.

Important thing is that you like the property first.

* There is no negotiation – You put in your best & final offer the first time

* Do basic stuff – pre-approval letter or cash offers, no strings attached.

* Forget your own buyer’s agent, and go with the REO listing agent. If the house is good, you’ll be in multiple offer situation, and it’ll increase your chances, plus you do not have to worry if your offer’s forwarded to the bank or not!

* If you insist on your own agent, then he needs to be good with REO transactions. Then again, you wouldn’t be asking it here…

* Be prepared to get some repair bills – 3K & up is minimum I think.

As for the price – it depends on area & how long it’s been on the market. (disclaimer: I’m not a professional but just a prospective buyer)

Listing price seems to get reduced about 5% every 2 weeks of market time. Just my observation. Plus it’s a sellers market – so I wouldn’t expect 20% off unless the property is really ugly.

If the price is significantly below market price, and it just came out, then I would add 15k over asking.

Foreclosure radar or realtytrac shows the loan amount – but I read from internet that it has no bearing in the bank’s decision. They will sell at fair market price, or more if possible, but not that much lower.

[Vod-Vil]

I bought an REO in December.

I put in an offer 10,000 below list price.They accept the offer.Bank tells me there is termite damage.I tell them to pay for it or I walk.They reject my offer.I walk away.Two days later they call me back and tell me they will pay for termite damage,but the price is now 5,000 below list price.I agree.The appraisal comes in 30,000 below list price.Bank agrees to appraised price.I get the house.

The escrow took four months and was a pain in my ass,but I got the house.

[Vod-Vil]

I bought an REO in December.

I put in an offer 10,000 below list price.They accept the offer.Bank tells me there is termite damage.I tell them to pay for it or I walk.They reject my offer.I walk away.Two days later they call me back and tell me they will pay for termite damage,but the price is now 5,000 below list price.I agree.The appraisal comes in 30,000 below list price.Bank agrees to appraised price.I get the house.

The escrow took four months and was a pain in my ass,but I got the house.

[Vod-Vil]

I bought an REO in December.

I put in an offer 10,000 below list price.They accept the offer.Bank tells me there is termite damage.I tell them to pay for it or I walk.They reject my offer.I walk away.Two days later they call me back and tell me they will pay for termite damage,but the price is now 5,000 below list price.I agree.The appraisal comes in 30,000 below list price.Bank agrees to appraised price.I get the house.

The escrow took four months and was a pain in my ass,but I got the house.

[Vod-Vil]

I bought an REO in December.

I put in an offer 10,000 below list price.They accept the offer.Bank tells me there is termite damage.I tell them to pay for it or I walk.They reject my offer.I walk away.Two days later they call me back and tell me they will pay for termite damage,but the price is now 5,000 below list price.I agree.The appraisal comes in 30,000 below list price.Bank agrees to appraised price.I get the house.

The escrow took four months and was a pain in my ass,but I got the house.

[Vod-Vil]

I bought an REO in December.

I put in an offer 10,000 below list price.They accept the offer.Bank tells me there is termite damage.I tell them to pay for it or I walk.They reject my offer.I walk away.Two days later they call me back and tell me they will pay for termite damage,but the price is now 5,000 below list price.I agree.The appraisal comes in 30,000 below list price.Bank agrees to appraised price.I get the house.

The escrow took four months and was a pain in my ass,but I got the house.

[LittleMissPiggy]

Thank you so much for responding everyone.

Actually we submitted an offer just yesterday minutes before I freaked out and posted. As I wrote my agent does not have experience with REO so I think I am screwed there. We offered 5% less than the listing price. They said they had multiple offers. Now today bank responds with this “worksheet showing Seller counter terms” in which they are sticking with the listing price.
I am thinking: is this like negotiating?
I like the house and if bank accepts my original offer I will be happy.
What is your opinion, should I stick to my guns? As I said I like the house, for this price it is okay. If I raised the offer, the house will seem less appealing at that price. Plus, I will not only be not proud of myself as a pig but also be an embarrassment to fellow pigs.
So please advice. They want to know before Monday.

[LittleMissPiggy]

Thank you so much for responding everyone.

Actually we submitted an offer just yesterday minutes before I freaked out and posted. As I wrote my agent does not have experience with REO so I think I am screwed there. We offered 5% less than the listing price. They said they had multiple offers. Now today bank responds with this “worksheet showing Seller counter terms” in which they are sticking with the listing price.
I am thinking: is this like negotiating?
I like the house and if bank accepts my original offer I will be happy.
What is your opinion, should I stick to my guns? As I said I like the house, for this price it is okay. If I raised the offer, the house will seem less appealing at that price. Plus, I will not only be not proud of myself as a pig but also be an embarrassment to fellow pigs.
So please advice. They want to know before Monday.

[LittleMissPiggy]

Thank you so much for responding everyone.

Actually we submitted an offer just yesterday minutes before I freaked out and posted. As I wrote my agent does not have experience with REO so I think I am screwed there. We offered 5% less than the listing price. They said they had multiple offers. Now today bank responds with this “worksheet showing Seller counter terms” in which they are sticking with the listing price.
I am thinking: is this like negotiating?
I like the house and if bank accepts my original offer I will be happy.
What is your opinion, should I stick to my guns? As I said I like the house, for this price it is okay. If I raised the offer, the house will seem less appealing at that price. Plus, I will not only be not proud of myself as a pig but also be an embarrassment to fellow pigs.
So please advice. They want to know before Monday.

[LittleMissPiggy]

Thank you so much for responding everyone.

Actually we submitted an offer just yesterday minutes before I freaked out and posted. As I wrote my agent does not have experience with REO so I think I am screwed there. We offered 5% less than the listing price. They said they had multiple offers. Now today bank responds with this “worksheet showing Seller counter terms” in which they are sticking with the listing price.
I am thinking: is this like negotiating?
I like the house and if bank accepts my original offer I will be happy.
What is your opinion, should I stick to my guns? As I said I like the house, for this price it is okay. If I raised the offer, the house will seem less appealing at that price. Plus, I will not only be not proud of myself as a pig but also be an embarrassment to fellow pigs.
So please advice. They want to know before Monday.

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