Re: agents and foreclosures - Posted by dealmaker
Posted by dealmaker on May 23, 2006 at 06:10:43:
In my experience, which isn’t too great on REOs, banks are going to want MARKET PRICE. Remember, they have a fiduciary responsibility to their shareholders, and they are a regulated industry.
For starters, the person responsible for the sale will have gotten a “broker’s opinion of value”, and possibly an appraisal. Let’s say those numbers come in around $100K and they calculate that they’ve got another $5K or so in legal and other expenses. Where’s the incentive for that employee to take your (below market) offer to the boss.
Employees who continue to bring in below market offers; get frustrated in their work, get their bosses PO’d at them, don’t appear to be very concientious, end up not getting promoted and/or get fired.
Again, I don’t have much REO experience, but it’s another channel to fish in. I’m an opportunistic buyer, I’ve bought FSBOs, REOs, MLS listings, estate ppty and a couple of properties from out of country buyers. I fish in every stream, you never know when you’ll get a bite!