Another REO ? - Posted by BR2

Real Estate Investing
1

Posted by BR2 on April 19, 1999 at 08:27:19:

Thanks Tim,

Without seeing the property I’m thinking about offering 21k. If the house is worse than I think I’ll go lower.

Boots and flashlight in hand…I’m out the door!

Thanks for the rapid response.

2

Another REO ? - Posted by BR2

Posted by BR2 on April 19, 1999 at 07:55:25:

Going to look at a REO this AM. I just discovered that the mortgage company foreclosed on this property for 30k. The realtor called and said they are asking 25K.

Would anyone try lowballing or is this probably what they really want. House just listed with realtor on Friday. FMV approximately 35k (depending on condition of interior). If area continues to improve, this home could go for 40k in a year or two.

Thanks in advance.

3

Re: Another REO ? - Posted by Tim (Atlanta)

Posted by Tim (Atlanta) on April 19, 1999 at 08:07:18:

Is this the first time that this property has been listed, or has the bank held this property for some time and the old agent couldn’t sell it? This would go a long way to determine their motivation.

If the realtor says they are ‘asking’ 25k, then it sounds to me like they would be flexible on the price. You can certainly try a low-ball offer, but move fast, there is always much activity when a listing is new.