What Should I Do?
I'm looking at an REO Property.
Single Family
Bi-level
3 bedrooms
1.5 bedrooms
Nice area
Asking Price: $81,000
Repair Estimates: $$8-10,000
Comps: $96,000 - $115,000
I intend to complete the repairs and resell to a retail buyer.
I'm prepared to offer the bank cash and a quick closing time. However, I cannot come close to the banks asking price and still ensure my profit. Should I attempt to make an offer or pass on this one?
as you would prepare a compelling short sale proposal, use the same technique to accompany your offer to purchase, even if it's through a real estate broker. Just make certain that you tell the broker (or broker's agent) that you will be sending a copy of your offer to the VP in charge of REO asset management.
I love the ideal of sending the contract to the VP. As a realtor myself, I have serious issues with realtors that do not present all offers to the sellers. Advising the client is one thing, making their decisions is quite another.
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