reo bank offers - Posted by tracy

Posted by GS on June 08, 2007 at 08:10:02:

Good Luck.

Animal urine and fecis are typical in REO’s. If there is water damage
then you probably have mold. Pay to have the mold tested and quoted
to have remedied.

Use that report and quote to justify your offer.

Plus if the house is over priced they probably have not had any offers.

I did a house late last year that had settlement issues. There was
massive seperation in the drywall.

The house ARV was $230k. They were asking $159k.

I hired a certified structural engineer and he made a plan for remedy.
Got a quote and started 4 months of negotiations with the bank.

I offered $100k they said they needed to net $138k.

After I threatened to walk they gave it to me at $120k.

Plus it helped that we were purchasing this one for our selves.

Anyways the repairs cost $40k and now have $70k of equity in a house
and area that is appreciating very nicely.

reo bank offers - Posted by tracy

Posted by tracy on June 06, 2007 at 10:40:33:

I want to make an offer to a bank that holds an reo listing for a lot less then listed price (due to condition)40k-50-less (Yes, the numbers work and itis the ultimate animal pee, water damaged house investors!) Does any one have any tricks, tips, letters or ideas that they have used to convince the bank that they should sell to you and at a much lower price