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2 Offers For REO Property

mrchico profile photo
  • Tuesday, May 02, 2006 @ 06:22 PM EDT
  • 1 Comments

I made offer on REO property owned by Ocewn. The property was listed at 35k. I offered a cash offer of 17.5k. Listing Agent told me offer was rejected a month ago. However, property is still listed. I am thinking about resubmitting two offers. 1) 24.5 with financing and 2) my original offer of 17.5k cash.



Please provide guidance



Thanks

Mrchico

Comments(1)

  • no photo
    jeffbernath2nd May, 2006

    I have had the opposite experience, especially on small properties like you have mentioned. Cash offer with a week to close. You will get deals that people who need financed will not be able to get.

    However, with that said the offer of 24.5k financed will probably look more attractive to most. If the two numbers were closer I would lean towards the cash offer.

    Jeff

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