Are we getting more offers accpeted on reo's now ??

Foreclosures, Short Sales, Tax Foreclosures
1

I was wondering if you guys are getting better deals on REO properties from banks. I would think with the crisis on wall street these companies would take anything on a foreclosure to just inject capitial back into their buisness.

Are you guys getting your offers accepted at lower prices now ???

if you have had a reo offer accepted can you tell us some info. which bank owned it and what kind of price did they go for.

the more recent the better. I want to get an idea of how these banks are treating their problem foreclosures. also was thinking there has to be 1 bank giving them away to anyone who is offering cash.

2

no one in here has bought an REO lately ??? no wonder the banks are in so much trouble :shocked

3

I’ve put in a couple of offers on REOs at what I thought were low but fair prices. No takers so far. One did finally sell about 9 months after my first offer for $10K more than my offer but $55K less than the original asking price.

jmd_forest

4

I put 3 offers on REOs back in August. I thought they were fair offers (I even sent them my financial analysis showing them the ARV, my profit, the rehab cost, etc… I know… I know… Rookie mistake… :O)

Anyway no one accepted my offers. In one instance the realtor called me back stating that they got another offer for a higher price and asked if I was willing to raise mine. My answer - no. that was my best offer. The property went into contract with the other person and is now showing as pending in the MLS.

The second property - the realtor called me back stating that the bank was not willing to sell for my price. They countered at a price higher than the asking price in the MLS (???). I countered with 3K more than my original offer. They declined. I am monitoring that property. It still hasn’t sold.

The third property - the property was going to auction. The realtor submitted my offer to the auction house and I received an email few days later stating that the seller had declined my offer. That one was a really low offer ($17k for a 3br / 2 bath house). But that was the number I could feel comfortable with.

Eventually I ended up buying a property at a REO auction - the property is under contract. ARV $130k. I got it for $65k + 5%. This was below the reserve price for the auction, so my winning bid was contingent on bank’s acceptance. They eventually came back and accepted it.

I hope this helps. Good luck!

5

Thanks for sharing J1dias! Liquidity, I’m a REO specialist in Manassas, VA and I personally have seen a huge increase in buyers and investors making offers there. One of our properties had 8 offers in one week! I think if your total monthly cost(80%mortgage+hoa+tax) is $300-500 below rental rate then just buy it at list price before someone else does! Having trouble finding deals like this? looking in Manassas? kevinbailey@kw.com

6

Hi,

REO are at high risk nowadays… But if taken a professional’s help one can overcome it too…

7

??? what are you talking about ?? what kind of professional do you need to buy an reo ??

JKbailey Im in michigan dont need help.

thanks jdias and JMD - You 2 atleast knew what im asking for in here.

8

Spoken like a true agent! If I had a nickel for every time I was told by an agent that a property will cash flow because the PITI was $300 below rental rates…