All Forum Posts by: Jacob Ghena

In my experience when negotiating on a property it's very difficult to get both price and terms. Sounds like your offer is around 50k under list AND asking for seller financing. Tough to get both. A standard line we use in my office is "my price, your terms" or the opposite. Most sellers want be cashed out..... completely. It's the rare seller that wants to do owner financing. So if your seller is like 95% of other sellers out there, not even getting a counter is of little surprise.

REOs are listed on the MLS like any other listing. Banks want the most $$$$ for their properties and they know the best way to make that happen is through a good listing Realtor on the Multiple Listing Services. Find your self a good buyers agent by calling your local MLS office and ask for a print out of the top 50 realtors by number of transactions. Start interviewing them and find one who will be a good fit. Any one of them can set up search to send you REO properties the moment they come to market.

You loan is so far past due it's probably moved from the normal "payoff department" to the "foreclosure department." I've run into this before on a listing...took the escrow officer two weeks to get payoff amount because they were talking to the wrong branch of the bank. The "normal payoff" people wouldn't respond to any request because the loan was no longer in there department. The key for getting the correct payoff amount was talking to the "foreclosure department" at the servicing bank. The lawyer or escrow officer who is requesting the payoff on your behalf needs to know this and be a little relentless in talking to the foreclosure people. That combination should solve the problem.