Posted by JT-IN on September 03, 2003 at 18:57:35:
How long the Bank has owned and attempted to sell the property. It is a business decision for them, not an emotional one. However, many Banks have learned that they can do quite well in the resale market; (depending upon the area). Many are making money from their REO’s… or at least doing better than they ever have.
Yes, most list the properties dierectly with a Realtor, and they do pay a comm… Probably more like 5%, total.
Make an offer… What is as important to the Bank is the strength of the buyer, so if you can submit an offer with NO contingencies, then do so. If you can’t, then submit a guarenteed letter of funds availability as well as a committment letter from a Lender. Give them reason to take you as seriously as any CASH OFFER.