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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: It's a REO now. Posted by Amy on April 08, 2003 at 6:04 PM In Reply to: It's a REO now. posted by SeanW on April 08, 2003 at 4:17 PM Sean, I've faxed them a really low offer contingent on clear title, mold and pest inspection, and that nothing is more grossly wrong with it than the last time I saw it (so a walkthrough) I'm anxious though, I really hope no one else makes an offer, I hope they don't even want to walk through it because then their local agent may tell them oh it's worth more than that... I guess it's the waiting game now. Do you think they'll counter offer if they don't like my offer? Or do you think they'll just say no? It's far below what's owed on the property, 15K of which is back taxes. Unclean title. (I'm not really sure how that's remedied after the sale) Anyway, thanks for answering. Any other insights are most welcome. I'm so impatient, I hope the bank acts fast, i did say time was of the essence... Thanks again. Amy : It's basically a retail sale. Negotiate with the bank like you would with an individual. Insist on title and escrow, and use a building inspection to list all the defects they need to discount into the price. : And try to get it before it's assigned to a broker. The broker will immediately call up his/her investor list and you'll face more competition. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Sean, : I've faxed them a really low offer contingent on clear title, mold and pest inspection, and that nothing is more grossly wrong with it than the last time I saw it (so a walkthrough) : I'm anxious though, I really hope no one else makes an offer, I hope they don't even want to walk through it because then their local agent may tell them oh it's worth more than that... : I guess it's the waiting game now. : Do you think they'll counter offer if they don't like my offer? Or do you think they'll just say no? It's far below what's owed on the property, 15K of which is back taxes. : Unclean title. (I'm not really sure how that's remedied after the sale) : Anyway, thanks for answering. Any other insights are most welcome. : I'm so impatient, I hope the bank acts fast, i did say time was of the essence... : Thanks again. : Amy : : : It's basically a retail sale. Negotiate with the bank like you would with an individual. Insist on title and escrow, and use a building inspection to list all the defects they need to discount into the price. : : And try to get it before it's assigned to a broker. The broker will immediately call up his/her investor list and you'll face more competition. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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