buying reo property: Any Guilt for Record Low Prices? - 05/03/10 02:32 AM
The deals just keep coming. We just went bilateral in Ormond by the Sea on a 1000 SFL house. It is a fixer upper. Can't disclose price yet because it has not closed - but north of Granada - you have to go back 10 years to find such a deal. In fact, this property sold for about the same price back in 1996 at a foreclosure auction! It is the second great deal I have negotiated for this investor/buyer. It is also the third record breaking sale I have made on the beachside. I broke the record low sale price … (0 comments)

buying reo property: How much should I offer on a bank owned property? - 04/16/09 09:27 AM
Many people have contacted me about how bank owned (REO) properties are priced and how much they should offer for purchase.There are no hard and fast rules but here are some generalities.Is the price based on the amount owed at the time of foreclosure?Some supposed "gurus" have been claiming the banks base their list price and what offer they will accept on how much is owed. One "guru" had even researched (allegedly) over 200 transactions and came up with a number. He claimed 73% of the amount owed on the mortgage is what the bank would accept as an REO (bank … (0 comments)