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Asked by Kea, 90045 Mon Jan 28, 2008

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Mr.P, , Arizona
Mon Jan 28, 2008
Hey Kea,
20% to 30% off Hmm?

Pre- Foreclosure and Bank owned are two different deals, However the banks makes the decision on both.
Lets skip the Pre-Foreclosure / Short Sale. If the bank will consider that steep of a discount , they will only do it if it is a Bank Owned / REO.

Lets focus on the REO
The bank will not take 20% off the asking price of an REO.
Here`s why...
Bank owned Property offered at 300K days on market 30
Kea offers 20% off a price of 240K.
Hypothetically speaking after 5 or 10 business days the bank may counter 280K
Kea says no 240K final.
Before the bank bails out on the property at 240K they can lower the price 5k per week
295K DOM 37
290K DOM 44
285K DOM 51
280K DOM 58
275K DOM 65
270K DOM 72
265K DOM 79
260K DOM 86
255K DOM 73
250K DOM 80
245K DOM 87
240K DOM 94

The whole time the bank is lowering it`s price they are creating a larger pool of buyers.
In the Banks Mind. They can wait 64 days to try and cut that additional 60K loss.

My opinion you have a chance 7 to 10% from the asking price.

Good luck
1 vote
;, , Riverhead, NY
Mon Jan 28, 2008
In my opinion, YES, it is crazy. It is crazy because you might just get the property in the range you hope for. Crazy to make the bid? It would be crazy not to! This is a market that is in flux- no one can offer the right answer for your situation except you.
Web Reference:
0 votes
Dot Chance, Agent, Burbank, CA
Mon Jan 28, 2008
Well, you can offer anything you want to. But, if you want to actually buy the property you will probably have to come in a little higher. In my opinion it would come closer to working on bank owned, REOs than on a short sale or pre-foreclosure.

They can always counter!

All the best!
Web Reference:
0 votes
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