All Forum Posts by: Sydney Reece

Thank you for your quick reply!

If you don't mind another few questions...
What would you say over the phone? I'm new at this, and I don't want to blow it by saying the wrong thing.

About a month ago I got their asking price, and it was too high (in my opinion) given that the property was auctioned and failed to close with multiple backup bidders bailing; not to mention it had sat on the market for a year before that. Their asking price was $25K over the winning bid.

I'd like to offer less than the winning bid given repairs needed. Is that crazy? This is a local bank with only a few properties on their books.

Thanks for your help!

I have no real estate background. I am interested in purchasing a bank owned home, but I wondered why the courthouse does not list the bank as owner? It still has the previous owner who failed to make mortgage payments as owner. I know the bank "owns" the property now, but I don't see proof on paper. Is this unusual?

Also, the property has a sign that simply says "Call with offers" and lists the bank's number. What's the best way to approach verbal offers? Do you simply call and throw out a number? Is it ever OK to email offers? Can I back out if I do either of these things?