I’m new to this game but have attended a couple forclosure auctions and out of about 100 properties maybe 5 or so actually got bought and the rest of them where taken back by the bank. In my area of SC there are hundreds of bank owned homes, Almost all of which are priced w/in 5% to 10% of MV.
has anyone had much success at offering the bank well below their asking price? Alot of these properties need plenty of work done to them and the bank may only mark it down 10k to 20k which obviously doenst leave much room for the investor to profit. I’ve got a coworker who has purchased 3 homes in 6 years, all where REO’s and he lived in them all. He’s not an investor but he offered well below the bank asking price and they accepted every time. He recently purchased a home for 190k and they wanted 220k and after rehabbing it appraised at 270k.
?IS it fairly common for a bank to accept less then asking? Or is it more of a numbers game, where I may have to make 20 offers before I find a bank/property they’ll take less on? How much below asking does the bank generally come off?
thanks for the help!