How much to offer for REO in nice area?

Asked by Moni, Torrance, CA Thu Feb 19, 2009

I want to make an offer on an REO that seems priced under market. It's in a pretty desirable area. It's priced close to or under comp sales in the area - with similar sizes, schools, etc.

I can't really afford to go over asking. Do I have a shot if I offer asking or a little below?

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Dorene Slavi…, Agent, Torrance, CA
Sun Mar 15, 2009
You should offer full asking price if you really want this home. REO's are often hit with multiple offers and the low offers are not usually considered. You really need a buyer agent in order to negotiate well in this type of market.
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0 votes
Molly Sabati…, Agent, Saint Charles IL 60174, IL
Thu Feb 19, 2009
It depends on how much you want the house. If you really love the hosue and feel it is a good value at list price then offer list price. If you are looking to get the home for the lowest price then offer what you want to pay, but don't be shocked if the bank refuses your offer and will not negotiate with you.
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Voices Member, , Benton County, OR
Thu Feb 19, 2009
The only way you are going to get the answer to your question is to make the offer.

Good luck, Dunes
0 votes
Dave Heck, , Arcadia, CA
Thu Feb 19, 2009
I think you have a pretty good shot. A lot depends on how many offers they get. I've been pretty lucky with the offers I've made.
0 votes
Dyanna, , California
Thu Feb 19, 2009
It depends on whether or not there are other offers. What does your agent say? Have you spoken with him/her about this? Your agent should look over the comparables in the area and be able to make a solid decision based on the comps.

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