REO's time on mkt?
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REO's time on mkt? (by Pat [VA]) Nov 21, 2022 1:02 PM
       REO's time on mkt? (by Ken [NY]) Nov 21, 2022 2:58 PM
       REO's time on mkt? (by Robert J [CA]) Nov 21, 2022 3:21 PM
       REO's time on mkt? (by Pat [VA]) Nov 21, 2022 3:43 PM
       REO's time on mkt? (by tryan [MA]) Nov 22, 2022 2:24 PM

REO's time on mkt? (by Pat [VA]) Posted on: Nov 21, 2022 1:02 PM

Trying to remember if I heard it on here, bank owned foreclosures don't consider low bid until 25 days have past on market? I've heard in past on HUD homes if you get within 80% of asking they accept and we bought several about 10 years ago.

We upped our offer on suicide house but haven't heard anything yet.

REO's time on mkt? (by Ken [NY]) Posted on: Nov 21, 2022 2:58 PM

I am going to look at a place wednesday that is a REO that is 192 days at $59900, wonder if they will take $20000 --74.77.xx.xx

REO's time on mkt? (by Robert J [CA]) Posted on: Nov 21, 2022 3:21 PM

The agent handling the sale of a REO (real estate owned by the bank) will custom tapper the offers so the agent can let one of their "friends" get the inside advantage and buy at the best price. Earning the agent cash under the table.

I saw a duplex, side by side, get processed by the courts giving the bank ownership. The agent put the listing on the multi-able's that day at 10AM. I had paid the occupants $20 each to view each side of the duplex.

At 10:01 I walked into the office of the listing Broker and put a full price offer on the table. He said he is not going to present any offer to the bank until 1 or 2 weeks. So then i handed him my second offer, $25,000 over the asking price.

I then drove to the bank and sat next to the person at the bank dealing with that sales agent. AT 4 PM that agent called the bank and said he had 2 offers. None of them were mine. He got the bank to accept $10,000 under the listing price. I then gave the bank a copy of my two offers with proof of funds. I never heard back from any of them. Both the Bank, Sales Agent got kick backs from the buyer.


REO's time on mkt? (by Pat [VA]) Posted on: Nov 21, 2022 3:43 PM

I bid 18,000. on a HUD home & got it, then I had to break the news to my hubby! It was in good shape though and we've rented it for several years. 2 bdrm 1 bath cinderblock home with vinyl siding on 1.5 acres.

It was in the process of changing vendors that handle the homes, not sure they even do that anymore. Just dumping the inventory.

REO's time on mkt? (by tryan [MA]) Posted on: Nov 22, 2022 2:24 PM

Best REO deals came to me after closing a couple with the same bank. The REO manager was told to finance the deals ... they weren't interested in cash. "We'll get our $$ back by carrying the mortgage". Got to the point the bank would REFUSE the auction bid, then finance the deal TO ME at the same price (I put 20% down). Closed a dozen this way ... same bank.

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