How Do You Know What To Offer

when a property is bank owned how low can you go

How do you find out how much they owe

(added last line from another post, raj)[ Edited by rajwarrior on Date 08/26/2004 ]

Comments(2)

  • rajwarrior26th August, 2004

    natalierealtor,

    When a property becomes a REO, the bank owns it at that point, so there is nothing owed against the property.

    While the original loan amount may be a consideration to the bank when considering offers, it is only a part, and hardly worth the time to actively search it out. When you make an offer on a REO, make your offer on what you think the property is worth and your guidelines for buying (ie not paying more than 70% of FMV, for example).

    I rarely care what the bank is asking for the property unless it happens to be lower than what I would normally pay for it by my guidelines. At that point, it's only a matter of how fast I can get the offer to them.

    Roger

  • 64Ford26th August, 2004

    Your offer can be as low as you care to submit. If the property is nice and in a good location, and the bank has already incurred the expense of the foreclosure process, they may not be very flexible.

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