OfflineHey everyone!
Just a quick question... Anyone have experience or seen anyone get an REO well below the initial asking price? Or are they pretty strict with the leeway they give.
Any thoughts would be great!
Tom
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REO's well below initial asking price?
Posted on: Fri, 08/12/2011 - 21:09
They never accept my offer the first time. Never. I do get them at a reduced rate if no one else offers more! I follow up every 2 to 3 weeks and re submit my offers. I did one recently that was originally listed at $249,900. 3 months and 4 resubmissions later I got it for $180,000. Right now the banks are crazy, I have seen houses listed at market value and needing $75,000 rehab. You just have to work it, make multiple offers on multiple properties daily. Don't waste your time offering on move in ready REOs or short sales. The owner/occupant buyer will ALWAYS pay more than an investor can. Look for distressed properties that a home owner will not want. Don't drive your agent crazy making multiple offers on properties that won't go to an investor!
You can't pay more than you can pay, if it is to high move on to the next. Of course the lender is going to put it out there to see what he can make, wouldn't you? It is a waiting game and follow up, multi offer game right now.
Do you have POF and a means of closing REO deals? Check out my TF site below.
Michael Mangham
MD Home Acquisitions LLC
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