Okay Hi everyone, Im new at this.
My question is If I found an REO that they are asking 349,900, they got it in april for 300,000 and the auditor thinks it is worth 386,700.
This property is only 3 years old and needs no repairs, so what do you offer the bank then?
In other REO's or short sales are there any standard percentages people go by when putting in offers?
And is it wise to use a realtor for REO's and short sales?
I appreciate everyones help.
They are using a realtor why wouldn't you? The agent that has it listed owes their loyalty to the seller, get a good agent to work on your side. They can do the research for comps in the area and give you an idea depending upon days on market and the last price drop what the bank may take. By the way if it is a listed property and most reo's and all short sales are a realtor costs you nothing. You must be preapproved by a lender and submit your preapproval letter with the offer otherwise it will be rejected automatically. If you need to find a realtor that works with buyers of lender owned properties in columus let me know and I will network for you.
Yup if you were wondering if you have personal issues. lol. Have a little heart. Maybe smile every once in awhile. :D
Most bank owned property will require preapproval letters. Everyone I have bought have required it, but I would guess that some banks might not require it. It's intelligent for any seller to require it. I require it when I sell a property. Every REO I have bought has also required earnest money as Geneic pointed out, and they won't allow you to assign the contract.
Now I personally do not like using an agent to represent me on an REO or any listed property. If I am not represented then the selling agent receives a double commission.