Bidding on Bank Owned properties - Posted by DJ

Real Estate Investing
1

Posted by george on September 14, 2005 at 11:07:56:

Buying REOs has a lot to do with your strength, posture, and connections. As well as the condition of the property.

If you have the contacts to deal directly with the lender, you can buy multiple properties that need little repair, for CASH, will act now, the title company can close in ten days, etc, then 75% is a reasonable figure.

On the other hand, if you’re a newbie, no money, hope you can swing a loan in 90 days, the lender probably won’t even talk to you. The property will most likely be retailed through a realtor.

Probably not the answer you wanted to hear, but these are the facts of life.

george

2

Bidding on Bank Owned properties - Posted by DJ

Posted by DJ on September 14, 2005 at 10:01:09:

I am considering buying some bank owned properties and want to ask the board, Does anyone have a rule of thumb on amount to offer the bank?

I was considering making offers 75% of Listing Price.

Any suggestions would be very helpful,

Thanks,

DJ

3

Re: Bidding on Bank Owned properties - Posted by brian, ut

Posted by brian, ut on September 14, 2005 at 13:27:46:

DJ

Only have one comment. Never, never, and never base anything on listed price, you want the market price of the property and work from there, listing price is just a general bit of information and only used that way.

Brian