Posted by Randy (SD) on June 30, 2004 at 09:34:26:
Susan once an REO is listed in the MLS they’re just like any other seller, it is not a foreclosure or short sale candidate. Typically REO’s are listed at 85% of the market value, get quotes on the work needed together with your holding costs, resale expenses and profit expectations and make your offer accordingly if they accept great… If not NEXT.
I found an REO property that’s only been on the MLS for 2 days. LP is 120,000 and comps in the area are between 160-180. When it comes to REO’s do the banks expect full listing price? How can I make the smartest possible bid? The property needs minimum amount of work…5K at most. Please help!!!