What Do You Offer On This??
Hello , I am interested in a house that was sold at the step of the court house and the lender bought it for 75,000.My question what is how much less can I offer the lender and have a realistic shot in getting my offer accepted.
Thanks 
First thing I would so is call the REO guy and talk to him. Find out what he needs to do. Price is just one issue. He may be able to give you wonderful terms like no loan costs, high LTV, low rates, etc. -- not to mention price.
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Gregg Fous
Investor/Developer
"If you wait for all your ducks to get lined up, you will never get into the water"[ Edited by GFous on Date 10/15/2003 ]
All true GFous, but the REO broker should be contacted, not the bank. I have heard that bankers do not want to talk real estate, as they are in teh cash flow business.
find the reo brokers (just realtors who list bank owned properties) in your area and start up a relationship with them. They may list high, but they want to get RE off their books, as they suffer negative consequences if they are on their for too long, not to mention that they wrote a bad loan and had to foreclose
I have had success dealing directly with the bank.. It will not cost you anything to try and he may have other properties the broker does not have yet. In general the banks do not like to handle the REO and pawn them off to brokers.
I will tell you that two of my best deals ever I never would have found with out going directlt to the bank.
The first was a bus terminal in Fairfield Ohio, There I got a great interest rate, no payments for four months.
The other was a condo in Fort Myers. There I got 110% financing - yes they actually loaned on market value not purchase price I paid $42,000 and borrowed $56,000. What a great country....
Gregg
_________________
Gregg Fous
Investor/Developer
"If you wait for all your ducks to get lined up, you will never get into the water"[ Edited by GFous on Date 10/15/2003 ]