Offers

6 Replies

Making an offer on an REO before it goes to auction in just under 5 days, tips?

Not sure exactly what you mean. It's an REO the bank is sending to a 3rd party auction site? If so, they generally don't take offers prior to. Is it listed in an MLS system somewhere?

@Wayne Brooks Appears that there's a middle man service group involved in the listing. Not sure if they have full ownership of the foreclosure or if the bank still is in posession.

Still clear as mud.

Is it currently listed in the MLS?

If so, does the MLS listing instruct that all offers are going through the auction site? (typically, yes)

Does the bank actually own it today?

Are you sure it's an REO, or possibly a short sale being offered through an auction site? (becoming more common with auction.com)

In my experience, if it's set to go to auction, your offer will not be considered at this point.  Are you an agent?  Can you contact the listing agent to find out more information? 

@Tasha Mckoy Just sent an email and left a message with the agent, interested to see what the response is. I appreciate the response, worst case is try and win it at the auction.

@Caleb Gutierrez :

Bidding on it at auction might be more beneficial to you anyway. My current residence was on the MLS at #153k for over 365 days. It went to auction and I bid on it and won with a price of $20k less. That was about 5 years ago though...

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