Need Help with REO Offer please!!

Comments(7)

• 
  TheShortSalePro30th May, 2003

  Since the listing broker is going to earn a commission to bring about the sale, why not let the broker (or broker's agent) do what they are being paid to do?
  
  When submitting your offer to the broker, be sure to justify the offer with whatever infomation is available to you including, but not limited to written repairs estimates from licensed contractors, a BPO or CMA, or whatever market data supports your offer.
  
  Be sure to include your qualifications as a Purchaser (mortgage prequal statement, proof of funds, etc.)

• 
  Dural30th May, 2003

  ShortSalesPro,
  
  Would you also consider talking with the REO department before making an offer? From what I understand, some lenders are more motivated than others to accept an amount below fair market value. For example, the larger bank chains seem to publicize their list of properties better than smaller lenders, making them less dependent upon investors that make low offers. Is that the case?
  [addsig]

• 
  TheShortSalePro30th May, 2003

  "Would you also consider talking with the REO department before making an offer?"
  
  I would only consider direct communications with the REO Department if the property 1) had not yet been assigned to a Broker, 2) if a reasonable offer were not accepted, or 3) I felt that the broker wasn't adequately presenting my offer.
  
  You are correct in assuming that some lenders are more anxious to liquidate their non performing assets than others.

• 
  latestarter30th May, 2003

  ShortSalePro,
  
  Thanks for your response. I am working with a Birddog who finds homes for investors and he says he gets paid by the seller for the properties he shows that eventually closes.
  He suggested that he bring the contract to me and collect the ernest money. Is that how it's done, or should I deal directly with the Realtor.

• 
  TheShortSalePro30th May, 2003

  I'm not going to tell you how to run your business, but I would make verrrrrrrrry, verrrrrrry certain that I wasn't working for free.

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  tbelknap31st May, 2003

  Personally, I wouldn't give a birdog any money until the property was closed. If he/she doesn't like it then find another birddog. I would deal directly with the listing agent or through your agent. When you close then the birdog will get his money. If they brings you good deals than they shouldn't worry about getting paid. You would lose more money not paying him/her (because he wouldn't bring you more deals) than paying him/her.
  
  Just my humble opinion,
  
  Tom[ Edited by tbelknap on Date 05/31/2003 ]

• 
  latestarter2nd June, 2003

  I think my question may have been misunderstood. My concern is not paying the Birddog. Although he said he works with the seller and he gets his money from the seller, I do plan on still paying him a fee If I close. He said he will do the contract for me, so I am not dealing directly with the listing agent, my question really is do you see a problem with that or should I insist that I speak directly with the agent? Thanks in advance for all your great responses.