Does anyone know how frequently Fannie Mae reduces prices on foreclosed properties (weekly, monthly, etc.) or what factors influence the reductions?
Is there anyway to know what bids have been submitted for a property?
not 100 percent sure about fannie mae properties specifically - but most banks or loan service companies manage their reo’s on a monthly basis. they REVIEW what’s called a MAR or Monthly Activity Report, which is completed by the Listing Real Estate Agent.
from there - they make decisions on several things, including price adjustments.
usually - on a given website like www.gohoming.com - you can see “highest bid” but not how many bids there are.
Thanks very much. That is helpful information.
banks and lending institutions have properties that they must liquidate…you will start to see properties from the banks, mortgage companies, and especially the FDIC begin to unload properties at huge discounts…40 and 50 cents on the dollar.
On the REI Blog (http://www.reiclub.com/realestateblog/?p=1778) Tom Donnell said,
I know some fool-proof techniques to get price reductions AFTER we have them under contract without losing the contract.
Unfortunately, he didn’t elaborate. Is anyone familiar with the techniques he was referring to? If it is too much info for one reply can you provide a link to a post which explains how this can be done?
Thanks