How To Negotiate With REO Properties?
How long do you wait before you send your offer on REO property after it has been listed on MLS?
What would you recommend?
Lets say the house is listed for 200K and your numbers are at 140K, do you:
- send your 140K offer right away and, in case of rejection, keep sending it multiple times every time the bank reduces the price
- you wait until the price gets closer to your number and then offer it only once
- other?
My last deal was a Wells Fargo REO. It was on the market 1 day when I made a 45k cash offer for a 53k listing. It was sitting vacant for quite a while and my survey of the property came up with 10k in repairs and repaired worth of 125k. They took the offer even though other better offers were presented, but all needed mortgages. If it is a deal to you...Jump on it, if it is marginal, wait for the price to get near to your numbers and make the offer.
JohnCI,
Since the loan on the property is not in the persons name who took the property Sub 2, they will not be able to file a BK on the property. To do so would mean fraud was committed in Federal BK Court . Thus he will not be able to stop the foreclosure.
Although this person controls the property with a deed, he has no control over the loan except to see it is paid, since he did not the foreclosure will take effect.
John $Cash$ Locke
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