What should i expect when offerring a bid on a REO property?
Are the REO’s willing to come down on there price or the price listed are really none negotable?
What are some general questions I should ask the REO’s?
Thanks for your respones
Depends on the situation, the bank, etc.
There are a lot of variables, such as how long the house has been on the market, the bank’s property books, etc.
Just put in your offer at what you want and expect either an outright ‘no’ or a counter offer.
General questions - they won’t tell you anything about the property, since they don’t know anything about it. They couldn’t even tell you what color the outside is.
You can ask them about seasoning issues, and what fees you are responsible for as a buyer. Many times banks will request the buyer pay for things that normally are paid for by the seller.
Be persistant with bank REO’s. The same offer they rejected last month me be accepted this month. Or they may accept LESS now than what was offered previously. This happened to me ($11,000 less). Put the property on your “watch” list if your offer is not accepted. They may drop the price and accept any reasonable offer if their REO portfolio is under pressure by internal or extrenal forces at some point in the future.