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HomeBuyer | How low can it go for REO? |
I am currently bidding on a REO property. I am offering the bank about 83% of the listed price and the bank still turned me down. That house needs lots of work. I do like the overall floor plan and willing to fix the house over time. However, I do not want to over paid a bank owned property either. Does anyone have experience negociating house price with the bank or real estate management group? Please let me know. Now I am kind of stuck, sit and wait to see whether the price is going to reduce in a month. Thanks.
Deparate House Buyer |
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Mark P.
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for a reo longtime... |
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Janet P
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You are thinking old school. Many people owe more on their homes then they are worth.
With banks the asking price is generally THE PRICE. Period, no negotions. They really do not care if it sits vacent, it is just another tax write off.
As far as bargaiing with them, you need to go to a BROKER. They are not going to be interested in talking to a real estate agent as most agents haven't got a clue what is going on. A child could pass that test and the banks know it and do not want to waste time with someone who does not know what is going on. |
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scottsnyderhomes
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The property is only worth what you are willing to pay for it regardless of who owns the property. |
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hollywoodmelody
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Are you paying cash or need a loan? I recently bought an REO but was fortunate enough not to be turned down after finding out there were two other offers prior to mine. Of course you don't know what other people offered and in my situation I was very fortunate since I was an out of state buyer as well.
If it was me, I would look for other properties while I'm waiting , but to be realistic, depending on the bank and how much inventory they have I would not expect the price to go down.
The house I purchased is in Indiana, 4 bedroom/2.5 bath, 2 story and with just paint and carpet, it is now worth $150,000.
That is over $30,000 more than I paid in the two months I became a home owner. The comps were $147,000 to $163,000 in my area when purchased. There is a house now for sale on my street, 3 bedoom/2 bath going for $178,000.
This might be the ideal time for you to find something better.
Good Luck my friend! |
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dk
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Find another home you like. Most banks will only accept certain minimum prices. These prices are based on how much money the bank has wrapped up in the home. Generally you are still getting a bargain over predominant home prices overall for an area - but if the place needs lots of work, etc, look for someplace different. Good luck. |
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Conrey
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It's very hard to negotiate with the bigger banks today because they want to be there own Realtors, if the home is repoed it would be recorded in the court house also. So go back to the bank, ask for an appraisal, ask if they would finance at there price(gotcha). If not it's only worth what your willing to pay and there willing to let go! |
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Workfortoday
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What you want to do is go to the site below and type in the address of any property you are interested in.
It will then show the value. Not what you want it for or what a seller or bank wants to get for it but the TRUE value, so to speak.
Then print that out or save it and use that data when offering.
Try it by going to site below, click on PROPERTY RESEARCH when there. Type in an address and it will show you what its worth, with satellite imagry and comparable sales in the area. |
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Curiosity's Kat
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My experience in selling these foreclosed homes is that some companies are slow to reduce or negotiate very agressively in the first 180 days. Hud, Freddie-Mac , and Mortgage insurers are especially are this way. The winter season usually brings about more agressive negotiating also.
After that they usually cut to the chase. If the neighborhood is blighted, high vandalism, & other risk factors also effect the bargaining time frame.
It seems Fannie-Mae is more willing to bargain earlier. If you are representing yourself and not a Realtor, I think you are at a disadvantage. Realtors know how various sellers deal with offers on a regular basis. Of course, cash buyers and owner occupants usually have an advantage over investors.
Hope this helps. |
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Harley3000
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A REO, controlled by the bank's REO department or a professional REO company allows only minimal very controlled price reductions if the property does not sell. We may see a fair 83% of value from listing price but on paper they do not analyze it like you & me. Most don't care or even know how bad the shape the property is in. It is just numbers. They are trying to minimize their loses and time is on their side...they think and they act accordingly. These people have hundreds and hundreds of properties and it is all about the bottom line. Period. They hire 'special REO agents' and allow the agents 3 very small price reductions over 90 days. After 90 days, they hire a new REALTOR and begin the same strategy all over until the property is sold. It's also unemotional for the REALTORS too because sometimes the agents have 35-80 REO properties. Agents know if you offer less than 95% of a REO listing price your offer will go no where. There will be no counter (usually). My advice is to check properties that have been on the market by several brokers stretched over a year or more. Check the history of steady price reductions. Going for these longer term properties will increase your chances especially at the end of each month. At the end of each month the REO manager is looking for properties to get rid of. He wants to dump what he can make his bonus and commissions too! At the end or near the end of the month he is more willing to counter especially on an older property This will be your best advice. |
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Todd B
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Don't be fooled by the fact that's it's an REO, so it's a bargain. At 83% with lots of work being needed, you are already overpaying. You could likely by a house that needs no work needed for 90%-95% of value, or even much less.
As dk said ..... your best move is to find another house.
Todd
www.MillionaireCoaching.com |
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