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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Buying REO's works best in a buyer's market. Posted by Ward-CA- on June 16, 2003 at 11:00 PM In Reply to: Making Offers To Banks posted by SeanW on June 16, 2003 at 8:35 PM : In my area, 80% or more of the properties are going back to the lenders. I am thinking it might be worth spending a month or two low balling the banks right after the sale, trying to pick up properties on the cheap. (After all, if it doesn't work, I can always bid at the sale.) : Would offering 90 cents on the dollar, based on the trustee's deed price, be too generous...? Or so chintzy that it wouldn't be taken seriously...? : Also, since I'd have to make repeated offers to different lenders, what's a practical way to handle the earnest money to show "serious intent"? Can I deposit it to escrow before I even have an agreement? Would a statement of verified funds at my own bank be enough? ================== Sean, When you're in a Seller's market there aren't going to be many REO's that lenders are going to sell cheap. But when it's a Buyer's market the banks want to unload all such property as quickly as possible. So I'd suggest waiting until you're in a Buyer's market to profit from REO's. Follow Ups: Soft Market SeanW 5:44 AM, 06/17/03 (1) Re: Soft Market Lughead 9:46 AM, 06/23/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : In my area, 80% or more of the properties are going back to the lenders. I am thinking it might be worth spending a month or two low balling the banks right after the sale, trying to pick up properties on the cheap. (After all, if it doesn't work, I can always bid at the sale.) : : Would offering 90 cents on the dollar, based on the trustee's deed price, be too generous...? Or so chintzy that it wouldn't be taken seriously...? : : Also, since I'd have to make repeated offers to different lenders, what's a practical way to handle the earnest money to show "serious intent"? Can I deposit it to escrow before I even have an agreement? Would a statement of verified funds at my own bank be enough? : ================== : Sean, : When you're in a Seller's market there aren't going to be many REO's that lenders are going to sell cheap. But when it's a Buyer's market the banks want to unload all such property as quickly as possible. : So I'd suggest waiting until you're in a Buyer's market to profit from REO's. 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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