Profile picture for paulieneedshouse

any know the best 1st offer for a reo property i here they can be had cheap but realtors still list

  • January 19 2011 - Bedford
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Answers (6)

Profile picture for Sharon Lewis
If you  can when you do the walk through, note everything that looks like it will be a big ticket fix it item, also have your realtor do a comparable market analysis so you have a good idea of what is the current mkt conditions. Submit your offer with a letter of explanation if you are low balling it to let them know why.....try to be pre approved, not prequalified too, and try not to have contingencies. 

Good luck
  • January 22 2011
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Profile picture for Connie Klemme

The seller tells the Realtor the listing price especially when it's a foreclosure, so it's not that a Realtor is padding it.  The person at the bank makes their decisions about the house based on reports they get from both the listing Reatlor and other Realtors and appraisers that they send out to do inspections and market analysis. They'll respond to your offer based on the collection of information they have, how long it's been on the market and how many difficult or non difficult details you have with your price.  Keep it simple if you want a low price, they are just an employee at a desk processing a file, with no emotional attachment to the house. 

  • January 22 2011
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Good afternoon Paulie, quite often REO properties are reduced for quick sale.  When these types of properties are listed, there is quite often several competing offers, you'll want to put your best foot forward and limit the number of contingencies in your contract.  You may ask your agent to provide you with comparable properties that have sold in the last 3-6 months to help you establish what simular homes have sold for.  If there are multiple offers currently in, the listing agent will likely ask you for your highest and best-this may mean you have to offer more than what the seller is asking for and be aware, many asset management companies do not negotiate repairs.

Good luck Paulie! :-)
  • January 20 2011
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Profile picture for paulieneedshouse
your serious? freddie mac or fannie mae will pay buyer and seller agent? and i pay no commision?i have a pre qualify meeting with USDA tomorro and 1st time buyers class sat any advice?it was listed 3months after repo by agent for 40,000 more then last sale in bad market so im guessing realtor is trying to pad commission,my plan is to offer 30% of list price to freddie mac and see how they respond
  • January 19 2011
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Your offer should reflect the present lmarket conditions in your area. For example my market all REOs are currently selling over list price close to 20%.
Have your buyers agent pull comparable sales of REOs in your area and look towards the closed price versus the listing price to get an idea of where to start.

Good luck
  • January 19 2011
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You need to retain a Buyer's Agent to help you with an REO or other purchase transaction.  The Buyer's Agent represents your interests, but the seller (a bank with an REO) pays the Buyer's Agent's fees.  If you don't retain a Buyer's Agent, you will have no one to represent you and the seller's agent will receive the entire commision.  If you have a Buyer's Agent, the commission is split between the seller's agent and the Buyer's Agent.  So, there is no reason not to retain a Buyer's Agent.
  • January 19 2011
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