No offer. Its a waste of time. Its owned in an interest through a Trust by Wall Street investors. I have the right questions to ask the people who you are talking to , but thats NOT THE LENDER!

ITS MISREPRESENTATION

Rosal:

Here is a blog post that may be helpful:

http://www.trulia.com/blog/carl_medford/2008/11/what_do_reo_…

Rosal,

First, you would benefit from working with a real estate professional to support you through this process. This agent will also be able to provide you with recent comps for sold homes in this area that will clarify a reasonable price range for you to consider.

There is much more to buying a "foreclosure" than making an offer. The process can be quite involved and would be best supported by a person familiar with the process. Protect your interests by contacting an agent today..........

Good luck
The Eckler Team
Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363

Hi Rosal -

First get a solid and experienced buyer's agent - that typically doesn't cost you anything and you better have an agent fully representing and explaining this process to you. Second, get an appraisal if your agent can't give you a reliable offer price.

I'd go in low, with a mortgage approval letter attached and a quick close; they typically move on price for a solid buyer and fast closing. Expect delays, arrogance and a "we could care less" attitude through all of this.

I know from where I speak having done REO appraisals for almost 20 years - despite continuous requests I want nothing to do with listing them! For my buyers I make certain that they understand the often aggrivating process.....

This is the reason why the banks have to beg for money. Pure GREED. Why dont they take an offer and get their cash much quicker. ? How can you tell them how dumb and greedy they are? It is really like they do you a favor to sell you a foreclosure. I was looking at investment property but I gave up.because of this reason!!!

Well, here in California the saying is "highest and best". You need to offer as much as you can if you really want the property. Banks seem to be operating more like auctioneers these days...they advertise a low purchase price but they are really advertising a low starting bid. Usually foreclosed properties end up selling for more than the purchase price rarely under it. But it is not only the price they look at. They also take into consideration your credit history , score, income/expense ratio., dwn payment and cash reserves. Usually they compare multiple offers with yours. That's how they determine the "best." The "highest" is actually what the bank puts back in its pocket or what they will net from the whole deal. I hope this helps. If anyone out there has a better explanation or if I left out any details let me know. I'm all ears.

I would look at the most recent sale of and equal property. As an REO agent I am required to update the lender every 30 days with the recent sales. So the bank knows what the value of recent sales are.
So I would prepare the offer based on recent sales, cost of required repairs.