Here are some answers that I hope you find useful, I specialize in Bank Owned Properties and have dealt with many different banks all over the Valley:
1.) Typically, yes-there are many factors that go into what the bank lists the property for, an experienced REO agent can guide you in the right direction. All bank operate differently, some things you may want to examine for starters are: days on market (typically the longer a home has been listed, the more flexible the bank is on price), what other REOs are selling for, how many offers have been presented previously, etc.
2.) I have not heard of a bank accepting an offer in that manner, they usually want to get the property off their books so financing the property wouldn't accomplish that.
3.) Most likely the comps in the area will be the biggest factor.
It sounds like you want to pay cash but with interest rates being at a historical low, it would be an excellent time to put 20% down on several REOs, giving you some leverage.
Check out my blog for some additional useful tips:
http://www.trulia.com/blog/dan_mullarkey_abr/2008/12/buying_
- Thu Jan 8 2009, 16:44
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