Has anyone dealt with purchasing an REO home from Bank of America?

Asked by Semadj, Warren, NJ Mon May 24, 2010

I just recently put in an offer for an REO that BofA controls. The house has not been officially listed yet and did not have a price. However, we are dealing directly with the listing agent that the bank hired and said we can still put in an offer. We threw a ballpark figure, that the listing agent thought was reasonable, of a straight cash transaction, sale is "as-is", and we pay closing costs. Does anyone have a general idea of how Bank of America will handle this? Will they sit on the offer for a while? Would I expect a response in a reasonable amount of time, 5 days or so? Any insight would be helpful. Thank you.

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Shawn Ryan R…, Agent, Belleville, NJ
Sun Dec 11, 2011
They use the EQUATOR system, which is an online system that allows documents to be submitted for foreclosures and short-sales. It makes working with BOA much easier than many other banks where docs have to be faxed in and often go missing.
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Scott Godzyk, Agent, Manchester, NH
Mon May 24, 2010
The problem is there is no price set yet, if the appraisals and brokers price opinions have come back, it wonbt be a problem as tehy have something to base value on. If they do not have any idea of what the value is yet, they will most likely hold or return your offer until they do.

Depending on which company they are using for an asset management company is how quickly they will respond and if tehy will answer your offer prior to setting a price.

You shoudl accompany your offer with a brokers price opinion and a letter with any pictures explaining why you offered what you did and how you came up with your value. a list of repaors, quotes and estimates will help back up your offer.

As far as answering times, it depends on the company they are using, in most cases i hear within 24 hours, sometimes teh same day, but usually never more than 2-3 if it is a weekend or holiday.

good luck with your offer
Web Reference:  http://www.ScottSellsNH.com
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