What is the lowest amount you have offered on an REO?

Question

I am interested in hearing stories of your best REO deal!  Was it listed at 150000 and you got it for 40000? or less? Was this from a price drop from the lender or did you just offer a lower price?

Arlan Potter · Answer

REO   $89000 asking price by Country Wide

Offerred $40,000  -  They said no way.

9 months later I got a call said they would take it if we could close before yearend.

One of the best money maker flips I have ever did. Put $27,000 in it, sold for $119,000

Joshua Rogers · Answer

In hindsight, should have filled in the pool with dirt and called it a day, but oh well :)

Joshua Rogers · Answer

Bank REO without an asking price, ARV of 155k with less than 15k rehab needed.  I offered 40k, ended up purchasing for 57k.  I played up the bank's liability from the decaying pool fence and slight brick cracking due to settling about an inch over a 30 year period.  I put 5k in the house and 10k in the pool.  Rents for $1,400 without issue.

Brian P. · Answer

Lowest price, I had the bank pay me to take it over. Their other choice really was to just not pay the taxes and let it go to tax sale if they were smart. My profit, what the bank gave me and my resale to 4 adjoining property owners for peanuts. Not a killer deal but it paid for a nice week away with my wife, and I would take that any time I could get it.

Brent Coombs · Answer

And if you don't mind, can you also include the reason/s that might have made it possible for you get such a bargain (eg. Listing Agents' incompetence or corruption)? Cheers...