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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Buying From The Lender Posted by SeanW on May 07, 2003 at 7:24 PM In Reply to: Buying From The Lender posted by SeanW on May 07, 2003 at 11:03 AM Jenifer: >>A month? Auction was 4/16. On that SAME date, I wrote to Trustee who passed onto the bank (Wells Fargo) my wanting to buy house. LESS than a week later, (4/22 to be exact), broker was at my door with a xerox copy of notification to vacate. I sent her the pre-approvaly letter on am of 4/28. She FINALLY got back to me today, 5/7 asking for permission to come into house. I called bank on 4/23 to verify her and they said she is in charge...just one week after auction, she is in charge, would you believe that? Sounds like you were on top of it. But still, BIG banks have very regimented ways of doing things. A foreclosure "pro" might have known the exact name of the person in charge at Wells, to negotiate on the house before the broker got involved. That's just the way it goes. >>If house goes retail, I won't be able to afford it at this time (next year same time, I would have been able to as my house in Des Moines, would have been sold by then). >>I'm thinking, with pre-approval and already in house, it's may be best for them to work a deal with me. When she comes, I plan on showing the house in the worst way I can. My pre-approval is based on appraisal of house, rather than purchase price of house. >>I've even thought of getting a buyer's agent but there are none locally (small town). >>What are your thoughts on getting it as low a price as I can? All I can say is give it your best shot. Des Moines is probably not like California and I'd guess you can get the house at a discount from retail. Just not as steep a discount as was available at the foreclosure. >>I always thought bank owned properties would go for cheaper than person owned. I always thought REOs would sell for less than FMV. What do you think? It all depends on how astute the lender is, and how strong a seller's market it is. If the bank thinks they can make a profit on the house, they will try. In California, sometimes REOs even sell above retail-- because a lot of newbies show up, and think they're getting such a great deal they'll bid the price up. When a REO goes into a broker's listing, the broker will give a price opinion of the house to the lender. Then the lender follows up with an appraiser's estimate, and their asking price will be somewhere in between. Good Luck! Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Jenifer: : >>A month? Auction was 4/16. On that SAME date, I wrote to Trustee who passed onto the bank (Wells Fargo) my wanting to buy house. LESS than a week later, (4/22 to be exact), broker was at my door with a xerox copy of notification to vacate. I sent her the pre-approvaly letter on am of 4/28. She FINALLY got back to me today, 5/7 asking for permission to come into house. I called bank on 4/23 to verify her and they said she is in charge...just one week after auction, she is in charge, would you believe that? : Sounds like you were on top of it. But still, BIG banks have very regimented ways of doing things. A foreclosure "pro" might have known the exact name of the person in charge at Wells, to negotiate on the house before the broker got involved. That's just the way it goes. : >>If house goes retail, I won't be able to afford it at this time (next year same time, I would have been able to as my house in Des Moines, would have been sold by then). : >>I'm thinking, with pre-approval and already in house, it's may be best for them to work a deal with me. When she comes, I plan on showing the house in the worst way I can. My pre-approval is based on appraisal of house, rather than purchase price of house. : >>I've even thought of getting a buyer's agent but there are none locally (small town). : >>What are your thoughts on getting it as low a price as I can? : All I can say is give it your best shot. Des Moines is probably not like California and I'd guess you can get the house at a discount from retail. Just not as steep a discount as was available at the foreclosure. : >>I always thought bank owned properties would go for cheaper than person owned. I always thought REOs would sell for less than FMV. What do you think? : It all depends on how astute the lender is, and how strong a seller's market it is. If the bank thinks they can make a profit on the house, they will try. In California, sometimes REOs even sell above retail-- because a lot of newbies show up, and think they're getting such a great deal they'll bid the price up. : When a REO goes into a broker's listing, the broker will give a price opinion of the house to the lender. Then the lender follows up with an appraiser's estimate, and their asking price will be somewhere in between. Good Luck! 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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