most likely they have already foreclosed on this house and are now in the process of fixing it up to sell for FMV with a realtor. i doubt they would consider a low offer after going through the trouble of fixing it, unless it doesnt sell with the realtor. im sure they already have a good idea of what its going to be worth. im sure you also have a good idea of what it will go for in your market fixed up.
Short Sell is a technique before the bank forecloses. It is now an REO.
My experience is that you can work directly with a smaller bank on an REO, but larger banks will not deviate from their very well defined REO procedures. Nobody at Ameriquest is going to step outside their standard REO procedures and it sounds like they do not have a department to deal with investors on REO houses. Most large investors use a realtor to sell REOs.
most likely they have already foreclosed on this house and are now in the process of fixing it up to sell for FMV with a realtor. i doubt they would consider a low offer after going through the trouble of fixing it, unless it doesnt sell with the realtor. im sure they already have a good idea of what its going to be worth. im sure you also have a good idea of what it will go for in your market fixed up.
Short Sell is a technique before the bank forecloses. It is now an REO.
My experience is that you can work directly with a smaller bank on an REO, but larger banks will not deviate from their very well defined REO procedures. Nobody at Ameriquest is going to step outside their standard REO procedures and it sounds like they do not have a department to deal with investors on REO houses. Most large investors use a realtor to sell REOs.
Brenda
Hey thanks alot. Very helpful and insightful.