Pool of local REOs, but what is this????! - Posted by Able Learner in Indy

Real Estate Investing
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Posted by Natalie-VA on May 05, 2007 at 17:18:20:

Hi Able,

I’m not sure about the indicative bid deal, but your assumption makes sense. And, yes, I think a lot of people can come up with a ballpark bid on a house when they know the address. Personally, I have access to the MLS, so I can research the tax record and comps pretty quickly. Then, based on what I know about the neighborhood and the age of the house, I can come up with a ballpark figure without seeing the property.

–Natalie

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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.

  1. Is my definition of “indicative bids” correct?

  2. 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.

Able