I have an investor, who in one day, asked me to prepare offers on 12 properties. My first thought was the great opportunity to have several more closings this year and generate some extra income. The truth of the matter is, the offers are around $50 to $60K and one offer has been lowered to under $35K.
What amazes me is the response from REO agents. EVERY counter or acceptance requires a document as long or longer than the Georgia Association of Realtors Contract. Every one is different and has varying degrees of additionally required documentation.
It's also interesting to get the "well we have multiple offers, so you may want to raise your bid" types of responses. Even when we don't raise our bid, it's interesting how many we got anyway. I don;t know who is teaching these agents how to negotiate. I guess it works sometimes.
I'm keeping score and will report back to you on the outcome.
1 Comments on The crazy world of REO properties
NOV
21
2008
"well we have multiple offers, so you may want to raise your bid" - as you may remember I deal almost exclusively with Georgia investors and since we announced the "Fannie Buster" where we can finance four properties for anyone regardless of how many loans they already have on credit we have been amazed at how many offers investors make and get that response. Their counter? Okay - the offer is on the table. Next week I'll withdraw and deduct $5,000 - we await your response.
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"well we have multiple offers, so you may want to raise your bid" - as you may remember I deal almost exclusively with Georgia investors and since we announced the "Fannie Buster" where we can finance four properties for anyone regardless of how many loans they already have on credit we have been amazed at how many offers investors make and get that response. Their counter? Okay - the offer is on the table. Next week I'll withdraw and deduct $5,000 - we await your response.