topic Re: REO Bid Advice in San Diego

REO Bid Advice

Jean-Luc — Sat, 25 Feb 2012 17:11:14 GMT

An REO property has just been listed at $540,000
Based on comps and property condition, my agent and I think $465,000 is a fair offer.
We want to submit an all-cash no-contingency offer.
Besides the comps and an inspection report, what should we include and do to give the offer the best chance of acceptance by the bank/asset manager?

Re: REO Bid Advice

RRW — Sun, 26 Feb 2012 03:36:51 GMT

Quick closing..10 days or less might entice...but banks have usually done extensive research before listing an REO and they usually wait and wait and wait before accepting anything less than asking. Also depends on location and current inventory. Since you are all cash and seem motivated it might work. I would still get a property inspection though. Good Luck

Re: REO Bid Advice

kitkatpaddywhak — Mon, 27 Feb 2012 05:14:14 GMT

Unfortunately, I have to agree with RRW. I'm much in the same boat you are; paying all cash for a property, want to close quickly, and willing to accept a property as-is with no contingencies. I'm working with an agent that specializes in short sales and REO properties. My agent has told me that even with those conditions, it will generally be awhile before a bank will drop their price on a house, especially by that much. If it was just listed, you may be waiting quite awhile, sadly.