Pool of local REOs, but what is this!!! - Posted by Able Learner in Indy
Posted by Able Learner in Indy on May 03, 2007 at 19:49:47:
A seller has a pool of 29 REO properties, not yet listed, all in my area. Gave me a quick deadline for “indicative bids.” I take it that “indicative bids” are made in to “firm bids” at a later date by sending purchase deposits or money down.
Is my definition of “indicative bids” correct?
Also, this seller never provides any background info like beds, baths, square footage, but claims to me that the people can do their own due diligence in a few hours and assemble a quote. Does this make sense? I only have the addresses and loan numbers. I can’t buy them all, nor can I assemble a descriptive package for anyone of my partners else in this short amount of time. Is this seller for real or are there people who are familiar enough with the neighborhoods of my area to just place an “indicative bid?”
Thanks again for the help By the way I did do my duty and searched for this info in this discussion group and didn’t find anything mentioning it. No mention of “indicative bids” either.