Updated almost 4 years ago on . Most recent reply
What's the best deal you've gotten on REO property?
So there's an REO property for sale that I'm looking at. List is 90k, recently reduced 10k. On the market for a little over a month now. The property is unique in that it apparently has tenants but from what I can understand, the owner died 4 years ago. I'm unsure of the actual full process of REO but Zillow shows the property was purchased by a bank in November of '21 for something like 80k. I don't know if that's just the way it shows up and a bank actually purchased it, or if that's just the way that shows up when a bank takes over ownership. Again, I'm not very well versed on REO. Additionally, the state I'm in has squatter rights that kick in after 5 years so I'm not sure when that time officially starts or if the bank now owning it and then a new sale would void that timeline?
Anyway, I'm interested in putting in an offer as the offers they'll accept are cash and no one can visit the property to assess it, so I'm assuming the interest will only be from investors, and being that the ARV is probably 120 and having unknown conditions, you have to assume the worst, is not going to get anywhere near asking. Was thinking of just throwing 25k offer, but was curious if anyone had gotten an REO offer accepted at like 30ish percent of asking offer? Also, any advice is very much welcomed. Thanks!