I made several offer on REO properties through realtor and none was acepted.I offered 70%ARV-repairs with no luck.They are on MLS over a year and need lot of work .I do not understand why bank dos not want to sell them.How much to offer to get accepted?
70% seems reasonable for the scenario you have indicated. Are you using a Buyers agent to fight for you? If not, how are you working with the REO agent? Home on the MLS over a year and offering at 70% of arv - a rehab house - I can’t see why they wouldn’t be more motivated to sell. In my market this is high ltv. I have a partner that’s getting them even lower than 70%. Maybe ask the Realtor what they think? You should either get a counter offer of some reason why? We need more details.
I agree, it seems strange that the banks aren’t a least counter offering. Have your agent follow-up and find out more details on why they are getting rejected.
I found this house on Realtor.com,Icalled my friend she is an agent and she called realtor who listed this house.Iwent to see inside.This is 3bd 1bath split level with partial unfinished basement and 2car garage Need new kitchen,bathroom,refinish floor.Someone start to install new heating ducts but not finished.House needs lot of work.Bank price was $220.900.I offer $155,000 counter offer was$213.000 my offer $169900.After few days realtor called to my friend and set that bank dos not want to sell this house for less than $203,000.In my opinion it is too much.ARV is $250,000-$280,000,repairs %20,000-25,000.I can pay max$171.000 but they want $203,000.Thanks guys for replay and give me any comments.Kris.
Kris,
You’re doing the right thing. Never pay more than you numbers talk. Yes, you will have to write a lot of offers sometimes before you get a deal. The bank evidently is not very motivated. You can always keep them on a list and make your offer again in a month or so.
The problem might not be with the bank, it generally is with the Realtor.
The asset manager is completely dependent on the Realtor they have the property listed with. This is one of the more frustrating parts of the asset managers job, finding a decent Realtor. If you find that your not getting responses it is more than likely because the Realtor is being lazy.
For this reason, asset managers are always looking for new Realtors who will make their job easier. The more complete the Realtors BPO is a the better the Realtor is with their communications skills the more REO’s they can get. When and asset manager finds a good Realtor they generally share with the other asset managers in their department. An organized Realtor can be a successful Realtor.
GooD Luck! :beer