REO property - just what they wanted! It needed work but was located far out in the country to give them the much desired peace and quiet they were looking for in a weekend retreat. List price $69,900. They offered $55,000, being the back up offer! No, I'm not kidding! They offered $55,000, knowing they'd be the back up offer, thinking "Maybe we can get it for $55,000!" I don't think a lot of buyers realize that they are already getting a heck of a deal with a REO by making a full price offer. When the buyers were finally willing to add another $5,000 to the offer, it was too late. Someone else got the deal! Yes, you can lowball REO's all day long but if you really, really, I mean really want the property, make it your highest and best!
Short Sale - seller refuses to bring money to closing. Bank counters the buyer with $8,000 more, buyer is willing to do it. Seller still refuses to bring money to closing. Not so much because they don't have it but out of principle. Again, not kidding here, we're talking $1,000 from the seller to the lender at closing. Seller won't do it, sale goes dead. Oh well! 3 week later, seller decides they want to pay the $1,000 in contribution - too bad because now it's too late. The buyer found another short sale and made an offer. Yes, you can have principles, you can play hard ball and stick you tongue out at your lender all day long but if you really, really, I mean really want to rather do a short sale than being foreclosed on, make it your highest and best!
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