Buying REOs
Will banks take 20% of their asking price on a property? I know it just depends on how long the property has been listed......just wanted to know if anyone out there has bought one this low.......
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Most of my Bank clients follow a matrix to sell a property. This does not mean every bank does this the same way.
Day 1-30 will accept about 95% of list (with2-3) counters.
Day 31-60 one price drop (agents bpo suggestion) and 93% of the new list price (after a couple counters)
Day 61-90 new price drop and lower offers of less than 93% requires upper management and investor approval.
If your offer is below a certain percentage, they typically counter at list price or list - 2000.