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jeanluc
Dud?


Joined: 18 Feb 2012
Posts: 1
Location: san diego

Best Time for REO Offer
PostPosted: Sat Feb 18, 2012 8:11 pm Reply with quoteBack to top

I want an REO property. It went to the bank at auction - it's not listed yet - agent (who has been assigned but doesn't have paperwork yet) thinks it won't be listed for a month.

Property was on market 9 months before auction, listed at 560K. A 400k bid was rejected, a 510K bid fell apart. A 465 bid was made too late to stop auction.

In surrounding area, many homes are listed at 500K-700K, but the only ones that have sold are listed in the 400K range. Yet the assigned agent expects this property will be listed in the mid $500s.

Property house has termite damage, needs a new roof , it has a 4 acre avocado grove that needs serious work.

I'd like to offer $465K cash, with no contingencies. What's my best bet:

- Submit a 465K-as is-all cash bid NOW to the assigned agent, and hope he tells the asset manager it's a great deal?
- Wait until the property gets listed, and then submit the 465K-as is-all cash bid?
- Wait until the property gets listed, match the price but add inspection contingencies that will "discover the roof, termite damage etc.?

I do want the property. But I also have a budget. Many thanks in advance for any advice.
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