Ever see the Rod Serling Episode about the Martians on Elm Street. Where the lights blink and the car starts and stops .
You have entered the Twilite Zone.
Geepers Creepers Mr Wilson ! Use an email address as your logon name and holy smokes -
No Martians here! M Soliman has a Trulia web page ....here ...yes, on Trulia. The site has his name and anything else you could ever imagine.
My confused and disgruntled cohort - are you a lender affiliate? No problem here! Is there a rebuttal to the facts as I have listed or perhaps you want to bring in some information to rebut the argument. Go to email@example.com read seek learn grow and then apologize!
I have countless situations where lenders (who are not lenders, so why are people calling them lenders) are moving fast to circumvent the Reator s and their clients sincere offer for short sales and modification offers.
Freedom of speech is a tough thing for some to accept in a free society. . . .Willfull negligence gone unchecked is somthing unacceptable period.
In the meantime, I'd recommend ignoring answers from anyone using a misleading screen name.
I had a buyer who put in an offer (conventional financing, strong pre-approval, 20% downpayment) over the asking price on a bank owned house in the Midway area. The bank accepted a lower offer that was cash. That bank was more concerned that the deal close with no delays or complications associated with financing - it was worth it to them to accept an offer $10k below the higher offer.
I have another deal in the works that the selling agent listed the house substantially below market rate to get a bidding war - he recieved 20 offers. My buyer came in over $50k over the asking price (conventional loan, 20% downpayment), the bank accepted their offer.
Of course there are many bank owned properties that the banks are taking less than the asking price - especially if the offer is cash with quick close. My advise to my buyers on bank owned properties is to make the offer as attractive as possible - cash deal if practical, if not - strong pre-approval, sizeable downpayment, as few contingencies as the buyer is comfortable with, quick close, healthy earnest money.
Best of luck on your deal - hope it works out in your favor.
If you're very well qualified there's a good chance the bank will take your offer if you can close in 30 days or less even if you're not the highest bidder- i've seen it happen dozens of times!
If you need some free and candid REO advice I'm happy to help. You can also search for foreclosures free on my site.
It's difficult to answer your question without knowing all the facts. Banks can ask for cash deals only which can be frustrating for many buyers. Asking prices are often below market to entice buyers.
Have you asked the bank if they'd consider financing on the property if you went through them for the loan? If you're a strong buyer, the bank gets to sell the property but also can make up some of the loss over the life of the loan to you. A win-win situation. Have your Realtor ask.
Good luck, Ken Dooley.