I have represented buyers to purchase both short sell and bank own homes.
There is no exactly formula to follow. You need to talk with an experience real estate agents who has done quite a deals to help you. The price is very important and how to structure an offer will be another key.
The worst that can happen is that your rejected, If that happens increase the price to you get accepted. no different than any other purchase!
This is Allyson, I answered your other question on short sales. There is no formula or percentage of the offer that works, Real Estate is bought and sold on demand. Earlier in the year when the market was slow ( demand low ) you could offer much less and ask for some closing costs and GET IT. Now most Reo's that are a good to great value have more than one offer on them ( demand high ) and are going for over asking price. So for Reo's if its in a good location and a good value you MUST act quickly as it will sell before you have a chance to act.
I am local so understand the market in the San Jose area very well.
I have a Free Reo property search on my web site that will update you when new listings come on the market so you can act quickly.
If you would like a free Reo search or if you have any addtional questions call or email me at (408) 705-6578 or email@example.com
Your question is a general question and cannot be answered accurately. In order to find your answer, your Realtor must do his/her homework. (S)he need to know the house, in and out; must know the recent comps (in and out), days on the market, amount of money the bank is vested in the property, ....
Hope this helps!
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