discount on REO's?
There is an reo I'm interested as a rental property but I can't/won't buy at the listed price. Will banks discount their REO's? Should I just send an "offer to purchase" with my price minus some negotiating room? Thanks in advance!
Ty
Hi,
Would you buy a house that you were going to live in and pay the asked for price? Certainly not! You would try to get the price lower. Here as well you would make an offer on the house lower then what they are asking. Is this place vacant or already rented out?
Figure out what work needs to be done on the place and subtract that from the asking price as well as subtract off a certain percentage that you feel is about right for you to pick the place up for. I have tried to pick places up for 75% of the asked for price. I have yet to be successful but I know people that have been.
Also look to see, if you can, what it sold for last.