Cody, Home Buyer in Edwards, CO

If the listing price on on a REO was at $209K for conventional and it was just changed to a cash only property....what would be a reasonable offer?

Asked by Cody, Edwards, CO Fri Jan 28, 2011

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Your questions need be directed to your buyers agent representing in purchase this property.

Virtual answer not to your benefit many more questions require answers

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Sun Jan 30, 2011
Hi Cody. The house is always worth to you, what it is worth to you. I hope that makes sense. It is also possible that the terms of the sale were changed to cash because the house will not qualify for financing based on its current condition. Many REO properties are in distressed condition and will not qualify for conventional financing. The seller (bank) may have recently had a deal fall through because the buyer was unable to obtain financing.

Robert Greenblatt
Keller Williams
0 votes Thank Flag Link Sun Jan 30, 2011

I am sure they changed it to all cash because of all the interest it is getting. I suspect it is valued under market. I would run comps in the area to see the value. I suspect it is under value as that is what people that sell cheap want..... quick cash.

0 votes Thank Flag Link Fri Jan 28, 2011
With respect to the offer amount it should not matter whether conventional or cash. The offer should be based on the recent comparable sales in the vicinity along with the condition of the property. Ask your Real Estate agent to run some comparables in the area and make an offer based on current market conditions.
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0 votes Thank Flag Link Fri Jan 28, 2011
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