Buying Foreclosures

Re: How much of a discount from listed price are banks dumping REO properties?

TerryJo — Wed, 23 Feb 2011 19:48:58 GMT

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Re: How much of a discount from listed price are banks dumping REO properties?

REOHunter — Sat, 24 Jul 2010 16:15:12 GMT

Hello Beachcomber

I am an agent/investor.

You said

I don't want to waste a realtor's time and anger the bank, and don't want to waste my time either.

First of all you are only going to be a waste of time if you have no money, the ability to get financed before you start looking or are not serious about pulling the trigger once the house that meets your criteria is found.

Answer this, if an agent brought you a deal at 50% discount, would you be able to close?

If the answer is yes, then go to the area you want to buy in and start looking at everything there - if you have not looked through at least 50 houses you are are more concerned about "your time" than finding a deal.

As you look you will find the agents who work the area. Call them, then meet with them and prove to them you are a committed buyer willing and able to close.

Don't be an ass, most agents are decent people and deal with flakes, liars and posers all day who do waste their time. Be honest, polite and prove to them you appreciate their time and can and will perform.

Re: How much of a discount from listed price are banks dumping REO properties?

RickyGib — Sun, 11 Jul 2010 18:28:40 GMT

It is not only in your benefit to offer a price that the market will support but as an investor, it is mandatory to back up your offer with comparables that will support that offer. As an investor we feel we are helping to get some of these distressed properties off the books of the lenders and placing them back into the market. We buy at a discount and resell at a discount. It's a win, win, win for everyone involved.

How much of a discount from listed price are banks dumping REO properties?

Beachcomber — Fri, 09 Jul 2010 13:28:32 GMT

I've noticed that a bank owned property may be listed at 2mm, but when you run a comparable, you see other similar properties selling for 25% of the listed price. Why are banks advertising such high prices? Is it wrong to show the bank a comparable property sale and then offer to pay that type of price for the one they are listing? I don't want to waste a realtor's time and anger the bank, and don't want to waste my time either. It's shocking how much REO / F/P properties are available. The banks have to be motivated to get this product off their books.