Dealing With Lenders After The Sale
I have a question for those who have negotiated with lenders on their REOs. Are they less flexible than before the sale? In other words, once they have the property on their books, are the slower to move or tighter on sales price?
Thanks in advance!
ItzMe
Yes and Yes!
It depends on different factors, many of which are out of your control.
Each lender works differently.
If it's the end of their fiscal year, they want to get the properties off their books, so they will take a hit on the property. If the property has been on their books 6 months or more, they will take a hit on the property.
If their appraisal comes in high, they will want more for the property. Possibly the lender has so much into the house, that they need to get above market value to come out even.
So, as you can see, it totally depends. Sometimes you can get a GREAT deal and other times the property is selling for more than Fair Market Value.
The best thing you can do is make some offers, see how it goes. You don't have anything to lose!
Hope This Helps,
Mrs. Meltzer