Posted by Ed Copp (OH) on May 03, 2000 at 07:02:54:
Roland,
It sounds like you are making progress here. Do not hesitate to work with the real estate agent here, many lenders only sell this way (sometimes grandpa is the bank pres. and granddaughter is the agent…Duh). Be impressive with your list of repairs, you might even want to include some pictures of the really bad items…ED
Patience Pay$$$Now what? - Posted by Roland
Posted by Roland on May 03, 2000 at 06:02:59:
I found a distressed property in a growing community with lots of new construction. Comps on this SFH are around $119,000. House needs approx 20k in repairs. I submitted an offer to the bank for $56,043.00 which they immediately rejected. Now 2 weeks later the RE agent called me back to inform me that the bank would like to reconsider the offer and to itemize all the repairs to justify the offer. They are an out of state bank and have no clue as to the condition of the property. Any one have any experience with bank negotiations that could offer additional advice?
Re: Patience Pay$$$Now what? - Posted by Suzanne
Posted by Suzanne on May 03, 2000 at 12:36:12:
I agree with Ed. I’m in the process of buying a fixer REO held by an out-of-state bank. The broker was hesitate to submit my offer because it was below other offers previously received by the bank. However, with my offer I submitted a detailed list of needed repairs, along with photos. The bank accepted the offer and we close escrow the end of May.