MAKING OFFERS ON REO PROPERTIES
We received the following question from a prospective buyer:
Question: We were wondering if the banks would consider an offer 25%-50% OF their original price. So 50% to 75% off.
Response: The short answer to your question is no. I assume that you are talking about Montgomery County. However, there are many different levels of motivation to sell and sometimes there are major reductions from the original prices. The lenders tend to reduce the prices one or two times a month and continue with the reductions until the homes are under contract. There are many investors that will purchase at 70% or less of the market value so competition steps up in that range. You can make offers at any point and we do suggest offers when the prices drop to a range within 10% or so of what you are willing to pay.
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