OfflineWell so far I've submitted 20 offers anywhere from 25%-50% below FMV. That was yesterday. Today I received news back that two(2) so far looked promising. One(1)that I offered 40% less than what they were asking($119,940) came back with "bottom dollar $169,000". But that's only about 15% below their original selling price of $199,900. Well I intend to send them another offer of $144,415(25% less) than their bottom dollar settlement. Either way I intend to get this property well below it's FMV and make sure that I have alot of equity left over in it. My other bid was on a property(small 3bdrm) that was selling for $49,900 and I bid (35%) below that for $32,435. They came back with this
"Edwin,
The bank has rejected a few cash offers already, the highest being $44K. They will also only consider full PAR documents. As it is a short sale, we are unfortunately at thier mercy. If your client would like to try an offer over the 44K, i'd happily submit it on full PAR documents. Let me know.
-Dave" Well I intend to make another offer at 30% off the original selling price. What is the opinion of the professionals on here please? And also, what does PAR stand for?
Bryant Slade
good luck !!
Paul
its basically a real estate form e.g. Florida Association of Reatlors/BAR-8. Sounds like to me the bank is shopping to get their target price.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Yeah, sounds about right to me. thank you for your knowledge. Well I'm out to get my target price too(lol) and it's well below theirs. so I'm making another offer at 30% off their original price. I lived in that town for about 2 1/2 years and I've come to know that it's a high crime area, so hence my 35% below asking price and now 30% below. After that then I move on to the next deal.
Bryant Slade
I need your professional inputs once again as to how to proceed on this one. here it is from an REO submitted bid. This was going for $139,900 and I offered $83,940(40% less). BTW, Ed is my agent;
Hello Ed,
Thank You for your email message indicating your Intent to Purchase our Listing at 114 Center Street , Enola , PA.
Due to the amount offered, we would be happy to submit a bid for a Short Sale with the Sellers’ Lender. In order to do so, we will need to draft a Sales Agreement and have both Buyer and Seller sign.
If you would like to do so, please let me know whether you would like me to draft that Document, or if you would prefer to do so.
Thank You for the Opportunity to Work Together!
Dale
Now how would I proceed from here?
Thanks
Bryant
Bryant Slade
What state are you investing in?
you never know until you find out...
Bryant Slade
like they've accept your bid or better yet receptive to your bid. What form did you (or your agent) use when your offer was submitted? Hopefully someone with more familiarity of PA real estate forms can better answer your question. They basically want to draft a bid agreement to present to the bank for short sell between yourself and seller. Is this property in pre-foreclosure or actual REO? Congratulations Max.
Hello Ed,
Thank You for your email message indicating your Intent to Purchase our Listing at 114 Center Street , Enola , PA.
Due to the amount offered, we would be happy to submit a bid for a Short Sale with the Sellers’ Lender. In order to do so, we will need to draft a Sales Agreement and have both Buyer and Seller sign.
If you would like to do so, please let me know whether you would like me to draft that Document, or if you would prefer to do so.
Thank You for the Opportunity to Work Together!
Dale
Now how would I proceed from here?
Thanks
Bryant
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
This is an actual REO. Right now that's all I'm dealing with(REO's)
Bryant Slade
why would they want to submit a bid for short sale? That is what's confusing me if this property is REO owned by bank. I would say have your agent draft the proper paperwork for the bid, submit it to the other agent, instead of them doing and submit the bid you intend to submit to nab the property.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
I don't know what I was thinking when I said this was an REO. I had forgotten that I gave my agent a list of specific criteria to look for and short sales were part of it. So yeah, I guess this was a motivated seller that's interested in a short sale.
Bryant Slade