The bank’s 1st counter-offer was no where close to my original offer. So I countered w/ an offer still way below theirs, and I used a property inspection and a repair estimate to back-up my offer. Was this a wise move? At this point, the loan has now officially gone into foreclosure b/c it was transferred to the banks east coast office. I’m not real optimistic about what I expect to hear back as their counter-offer. So my question is: what do investors need to convince the banks to accept their offer?
Another question: What are other ways of finding buyers? Other than REI clubs and posting classifed ads?
I need alot of help…
Thanks people.
I think what you sent was a good idea. Another one would be maybe a Savings over REO worksheet, but if it is already gone to sale, that may not mean much. Low comps in the area, anything that supports your offer, really. I’ve even sent “doom and gloom” letters re: my market, and teh economy to help make the point.
Hope that helps a little. Good luck!!
DO NOT GET IMPATIENT!!!
If you and the bank cannot agree upon a price the first time. Wait and send them another offer closer to the sale date. I like to include everything negative about the property, sex offenders closest, crime rate, all the bad pictures, avg. days on the market.
give me some numbers on the deal and I may be able to help!!!