REO Offers Accepted

[Wes S.]

Please list your REO situation: Who the Bank was, list price, the offers you submitted, any counters and finally the acceptance price.

My goal is to give all of our BP friends a leg up in approaching their next REO deal. As we all know, it all comes down to the numbers at the end of the day.

****I know these prices and properties are dependent upon condition, DOM, ect.... We get all that so please keep it short & sweet...just want the facts.

Thanks. :D

[Will Barnard]

Originally posted by Jerry West:

Waited three weeks and submitted same offer again. The bank came back with 58,900 with 2500 earnest. I rejected the offer. They came back and said they had accepted mine!! Looks like patience was the key this time!

Jerry, good job on sticking to your guns on price (assumming that was the best you should offer). For future reference, when you got that counter offer and the bank wanted a higher price AND double the EMD you offered, then you countered back with the $2.5k EMD but same price as before, you may be better served in the future by going up $500 and offering 5 times or more for the EMD. This does 2 things for you. 1. It tells the bank that your first offer price was your highest offer but then tosses in a small additional amount giving them the "perception" that they won a small battle and 2. the large increase of EMD over what they ask often will bring their focus onto that item rather than the price point and again, give them the "perception" that they won another battle. It also shows them you are a serious buyer who will not back out as you placed a lot more in EMD than was requested. This can often be the difference between accepted offers and those that are rejected or re-countered.