REO questions from an old hand
Usually I'm kind of "Mr. Know-It-All, but it's been 15 years since I bought an REO and I'm pretty sure the ground rules have changed a bit.
I'm looking at a couple of SFHs in my area, $150K range, ARVs in the low $200K. Nothing serious, paint, a tiny bit of sheetrock repair and some light fixture updates on the older one.
Anyone have a feel for how much off their asking price they'll entertain withouth laughing at my offer?
It used to take 7 days minimum to get an answer, is that still about right?
Back in the day there would be a "7 day inspection" period after thier offer, is that still the way it's done?
How big a % off asking price have you guys been getting?
I'm offering cash so they don't have to worry about getting another bounce back loan no their books.
Thanks
all cash