Hi All,

I'm a newbie to Active Rain and found this REO group - our REO bunch at my office in Ohio is tight-knit and yet helpfu, which is great!

Are you finding that investors are offering lower than usual investor ratio for REO's? I had one that offerend below 70% of retail (home is priced under market) and I was shocked. Is this common practice these days?

 
Posted by Gina Kay Landis on 02/29/2008 05:59 PM   Comments (4)  
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4 Comments on REO OH IO

FEB
29
2008
 In my opinion those arnt' investors those are investor want-a-bees...  Investors know their market and know a good deal, if the property is overpriced than I can see it, but if the property is already priced below market and they still offer half of list they are not investors...those are un-educated buyers.
9:48pm • #1
MAR
01
2008
1 Featured Post

Gina,

Buyers think that they can low ball REO listings because it is a buyers market. Our asset managers tell us that they will counter low ball offers with full price to discourage those type of offers. Most REO properties here are listed well below retail and are already good values. I guess it depends on what area you are in.  
6:52am • #2
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Well yes a buyer will try to low ball.  REOs are no different. However, the asset management teams are not as easy to get an acceptance of a lower than list price.  So if they want the property, they need to know that.
7:01am • #3

Right - my seller outright declined the offer. The buyer's agent said the buyer brings a contractor with him to review the home and prices it out - according to the buyer's specs, of course, so who knows what they want to do to refurbish.

BTW, I had a mis-type in my original post - the agents in my office that sell REO's are "helpful," not helpfu :).

The property has another showing today, so that's good - would like to get it sold!!
7:53am • #4


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Gina Kay Landis (Home Experts Realty)

Gina Kay Landis

Dayton, OH

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Home Experts Realty

Office Phone: (937) 623-9441

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Find OH real estate agents and Dayton real estate on ActiveRain.