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 ]
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 ]
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
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.