Comments on: Top 20 tips for making offers on Freddie Mac/Home Steps REO properties http://www.biggerpockets.com/renewsblog/2009/10/05/top-20-tips-making-offers-freddie-machome-steps-reo-properties/ Learn, Network, Invest Sun, 12 Feb 2012 02:59:04 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Justinhttp://www.biggerpockets.com/renewsblog/2009/10/05/top-20-tips-making-offers-freddie-machome-steps-reo-properties/#comment-97390 Justin Mon, 19 Sep 2011 16:50:43 +0000 http://www.biggerpockets.com/renewsblog/?p=7292#comment-97390 I agree Winston, an update would be much appreciated! I agree Winston, an update would be much appreciated!

]]> By: michellehttp://www.biggerpockets.com/renewsblog/2009/10/05/top-20-tips-making-offers-freddie-machome-steps-reo-properties/#comment-96211 michelle Fri, 29 Jul 2011 02:57:00 +0000 http://www.biggerpockets.com/renewsblog/?p=7292#comment-96211 I'd love to see that update, Winston! I've had my eye on HomeSteps property in my area. Any revised suggestions would be great. I’d love to see that update, Winston! I’ve had my eye on HomeSteps property in my area. Any revised suggestions would be great.

]]> By: Winston Westbrookhttp://www.biggerpockets.com/renewsblog/2009/10/05/top-20-tips-making-offers-freddie-machome-steps-reo-properties/#comment-95500 Winston Westbrook Fri, 01 Jul 2011 19:00:48 +0000 http://www.biggerpockets.com/renewsblog/?p=7292#comment-95500 Thanks Kendra! I might have to update this post for 2011. There have been changes like always. Thanks Kendra! I might have to update this post for 2011. There have been changes like always.

]]> By: Kendrahttp://www.biggerpockets.com/renewsblog/2009/10/05/top-20-tips-making-offers-freddie-machome-steps-reo-properties/#comment-95496 Kendra Fri, 01 Jul 2011 17:57:21 +0000 http://www.biggerpockets.com/renewsblog/?p=7292#comment-95496 Great tips! Great tips!

]]> By: Jennifer Shttp://www.biggerpockets.com/renewsblog/2009/10/05/top-20-tips-making-offers-freddie-machome-steps-reo-properties/#comment-91425 Jennifer S Fri, 28 Jan 2011 02:53:35 +0000 http://www.biggerpockets.com/renewsblog/?p=7292#comment-91425 Have you heard of Freddiemac denying an offer within 24 hours on a foreclosed home due to tenant occupancy? We were told because they could not verify when the tenant would vacate the premises that they could not accept our offer of full asking price. The property has been foreclosed on since August 2010 and listed for sale since October 2010. Have you heard of Freddiemac denying an offer within 24 hours on a foreclosed home due to tenant occupancy? We were told because they could not verify when the tenant would vacate the premises that they could not accept our offer of full asking price. The property has been foreclosed on since August 2010 and listed for sale since October 2010.

]]> By: DanielThttp://www.biggerpockets.com/renewsblog/2009/10/05/top-20-tips-making-offers-freddie-machome-steps-reo-properties/#comment-83199 DanielT Mon, 24 May 2010 00:12:04 +0000 http://www.biggerpockets.com/renewsblog/?p=7292#comment-83199 I'm pretty new at the buying a condo thing and these tips are rather overwhelming but extremely helpful! Thanks! I’m pretty new at the buying a condo thing and these tips are rather overwhelming but extremely helpful! Thanks!

]]> By: metxcohttp://www.biggerpockets.com/renewsblog/2009/10/05/top-20-tips-making-offers-freddie-machome-steps-reo-properties/#comment-81379 metxco Sun, 25 Apr 2010 19:13:40 +0000 http://www.biggerpockets.com/renewsblog/?p=7292#comment-81379 I have just got a contract completed with Homesteps which started back in 11/09. We will hopefully close 5/3/10. The home has been vacant since 11/08. The mtg balance is about $170. The home was first listed at $110. I bid $60 cash. They rejected it, and took many offers from buyers needing financing. Months went buy and no one could close the purchase. They came back to me in 2/10 and they were now asking $99. I started at $60 and moved up to 68. They didn't want to go below 95. I walked away again. Finally, they came back to me 3/15/10. We went back and forth, I moved to $72, while they went to 93, again I thought things were dead. Finally, the listing agent told my agent, if I could get to $75 we would have a deal. So I agreed to $75 and on 4/21/10 I rec'd a signed Home Step contract. I have just got a contract completed with Homesteps which started back in 11/09. We will hopefully close 5/3/10. The home has been vacant since 11/08. The mtg balance is about $170.
The home was first listed at $110. I bid $60 cash. They rejected it, and took many offers from buyers needing financing. Months went buy and no one could close the purchase. They came back to me in 2/10 and they were now asking $99. I started at $60 and moved up to 68. They didn’t want to go below 95. I walked away again. Finally, they came back to me 3/15/10. We went back and forth, I moved to $72, while they went to 93, again I thought things were dead. Finally, the listing agent told my agent, if I could get to $75 we would have a deal. So I agreed to $75 and on 4/21/10 I rec’d a signed Home Step contract.

]]> By: Kim Coryhttp://www.biggerpockets.com/renewsblog/2009/10/05/top-20-tips-making-offers-freddie-machome-steps-reo-properties/#comment-80423 Kim Cory Tue, 23 Mar 2010 22:12:09 +0000 http://www.biggerpockets.com/renewsblog/?p=7292#comment-80423 Great tips, as usual. I have a question, I'd like to make an offer on n REO that's been listed for $85000.00 for more than 9 months. Then, a new Broker got it and listed it for$95,000.00, they've had it now for 6 months. In total the property has been on the market for over 14 months and my offer is under $50,000.00, is this doable? Has anyone had any success in getting the bank to accept an offer this low? I was seriously considering going even lower but could use some insider help on this one. Thanks everyone! Great tips, as usual. I have a question, I’d like to make an offer on n REO that’s been listed for $85000.00 for more than 9 months. Then, a new Broker got it and listed it for$95,000.00, they’ve had it now for 6 months. In total the property has been on the market for over 14 months and my offer is under $50,000.00, is this doable? Has anyone had any success in getting the bank to accept an offer this low? I was seriously considering going even lower but could use some insider help on this one. Thanks everyone!

]]> By: J. Lamar Ferrenhttp://www.biggerpockets.com/renewsblog/2009/10/05/top-20-tips-making-offers-freddie-machome-steps-reo-properties/#comment-80403 J. Lamar Ferren Tue, 23 Mar 2010 14:54:15 +0000 http://www.biggerpockets.com/renewsblog/?p=7292#comment-80403 Great Post Winston! I know it's a little old, but I think this is a great list and very informative. I will admit that #8 is tricky. lol But I guess you gotta to what you gotta do in order to get the deal. REOs are definitely rising everyday and the more we can understand to make our deals more efficient the better. Great Post Winston! I know it’s a little old, but I think this is a great list and very informative. I will admit that #8 is tricky. lol But I guess you gotta to what you gotta do in order to get the deal. REOs are definitely rising everyday and the more we can understand to make our deals more efficient the better.

]]> By: Winston Westbrookhttp://www.biggerpockets.com/renewsblog/2009/10/05/top-20-tips-making-offers-freddie-machome-steps-reo-properties/#comment-74991 Winston Westbrook Fri, 06 Nov 2009 01:19:25 +0000 http://www.biggerpockets.com/renewsblog/?p=7292#comment-74991 @Eric, Banks are skeptical at everything nowadays, lol. @Anahi, Yes the broker is supposed to present all offers. Whether they do is another story, lol. Feel free to call me if you have any other questions. Good luck on your offer. Hope you get it accepted. @Eric, Banks are skeptical at everything nowadays, lol.
@Anahi, Yes the broker is supposed to present all offers. Whether they do is another story, lol. Feel free to call me if you have any other questions. Good luck on your offer. Hope you get it accepted.

]]> By: anahihttp://www.biggerpockets.com/renewsblog/2009/10/05/top-20-tips-making-offers-freddie-machome-steps-reo-properties/#comment-74882 anahi Tue, 03 Nov 2009 04:04:09 +0000 http://www.biggerpockets.com/renewsblog/?p=7292#comment-74882 Hello Winston,I am a first time buyer bidding with an offer that is cash/higher offer vs mine that is conventional/lower offer. Any tips you can offer? The broker has not submitted neither of them yet. The broker received their offer one day later than mine. Is the broker suppose to submit both offers? Hello Winston,

I am a first time buyer bidding with an offer that is cash/higher offer vs mine that is conventional/lower offer. Any tips you can offer? The broker has not submitted neither of them yet. The broker received their offer one day later than mine. Is the broker suppose to submit both offers?

]]> By: Eric Schwagerhttp://www.biggerpockets.com/renewsblog/2009/10/05/top-20-tips-making-offers-freddie-machome-steps-reo-properties/#comment-74647 Eric Schwager Tue, 27 Oct 2009 06:17:10 +0000 http://www.biggerpockets.com/renewsblog/?p=7292#comment-74647 Do you find that lenders are skeptical when your proof of funds letter comes from a transactional funder? Do you find that lenders are skeptical when your proof of funds letter comes from a transactional funder?

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