making offer REO property - Posted by AM

Posted by AM on September 21, 2004 at 05:06:43:

Thank you beachboy!
The reason why the owner walked out is simply, s/he didn’t pay mortgate and the house was bought by lender. According to comp, it’s about $400,000. Like you said, I will drove by the house and see by myself. $160k simply means the unpaid amount (according to the info) but who knows, lender just want to get rid of the property.

I will talk to the londer today about what is the asking price. I will let you know.

Thanks for your help, again!

making offer REO property - Posted by AM

Posted by AM on September 18, 2004 at 17:44:18:

I have recently found REO property. According to the info I received, the unpaid balance is $160,000.

Land Total $134,000.00
Improvements $257,000.00

Assessed Total $391,000.00

The person who purchased the property on 1999 was $225,000.00. (I don’t if if this number is useful or not)

Comp is about $400,000.

I would like to make an offer to lender. Should I make an offer $160,000 since this is the balance the owner owe or used the comp?

thank you,

Re: making offer REO property - Posted by ~~Beachboy-GA

Posted by ~~Beachboy-GA on September 20, 2004 at 07:20:19:

I would check the house out by riding over and looking at it.If you can get in, that is all the better.The house may not be worth what the bank is asking.There had to be a reason someone walked already.Check it out, and if the property is wroth the $160, do some comps around the area and see what the comps sold for, then base your bid on the comps. Here in Ga, I usually cut some more off what the bank wants, and make an offer.Some banks will deal with you. some won;t.If they won’t, it is important you leave your phone number with them.When the REO officer gets his butt chewed out at the next board meeting for not selling the house, he may call you.I have had this happen