REO Advice

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Greetings-- I know a bank REO will list the asking price sometime this week. My first question is can I consider this REO to be a "short sale"

I know the first mortgage: 198,000
2003 purchase price: 150,800

I comp sold 04/2007 225,000

Obviously I wait for the list price. Then what steps do I take. Do I simply put in the offer with the REO agent?

[Account Closed]

Banks will take lower offers than the listing price. Significantly lower. It varies by the lender as to how they deal with their REOs.

Make offers at prices that make sense to you. If you get the deal, great. If the lender declines then move on. If the property is still listed in a month or so then make a new offer. Same price? new price? Only you can decide.

John Corey