Special offer

Is there an "average" discount for cash buyers?

By
Real Estate Agent with Minnesota Property Group 40503429

I've seen my asset managers accept cash offers anywhere from a thousand to twenty thousand dollars less than the next highest finance offer. It really depends on the sellers' situation.  Every seller is different and even the same seller will react differently at any given time. I feel like sometimes it just depends on what side of the bed the asset manager wakes up on. Anyone who tells you they know how "the bank" is going to respond probably doesn't have first hand knowledge of the REO and short sale interworkings. Often times "the bank" doesn't even know how they're going to respond. We are in the fastest changing market I've ever seen and it's a blast to be part of. One piece of advice I always like to give consumers is to google the name of the agent and/or lender you are considering working with to see how much you can find out about them... It's amazing what you can find out about people with an online presence.

Kevin A. Guttman-Author, ReverseMortgageSpecialist
NMLS #384936 - Colorado Springs, CO
877-251-9709

Thanks for this post. I too have wondered what the 'average discount is' on REOs. 

Jan 29, 2012 01:22 AM