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Countrywide Reo Offer All Locations : Nationwide Real Estate Advice

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Activity 170
Showing results for Countrywide Reo Offer [Clear search]
Sat Apr 23, 2016
Shel-lee Davis answered:
Robert:

Just because there are multiple offers, does not mean that they are over asking price. Your realtor should not be afraid to put in a reasonable offer, especially when you are an all cash buyer in a world where banks are going out of business every day and no sale is final until the loan funds and the money is actually received via wire.

Your realtor should guide you to what is a reasonable offer. Sometimes it is below asking price, sometimes it is at asking price, and sometimes it is above asking price. The important thing is to make sure you are not paying more than fair market value for the home. Asking price does not always reflect fair market value.

When I have a strong buyer (and even when I don't), I present all my offers with a cover letter highlighting the key aspects of the offer and explaining why my offer is the best one for the seller. In this competitive market, I have been told that this "executive summary" of the key benefits in my offer and the strength of my buyer has tipped the balance in my client's favor. An all cash deal IS a very strong selling point, and your agent needs to HIGHLIGHT this fact to the listing agent. Just submitting a form with the "cash offer" box checked is not really enough. Many agents, especially if they are handling REOs, don't take the time to look over the offer carefully. The cover letter is essential in these situations.

Hope this helps you in winning in this new home buying market and Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
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0 votes 18 answers Share Flag
Sun Aug 16, 2009
Daniel answered:
no, preforeclosure or post bank owned foreclosures, you will probably be protected under normal purchase agreement guidelines
0 votes 12 answers Share Flag
Thu Dec 1, 2011
Dallas Texas answered:
Why is the agent involved with the loan processing you should be fielding those calls Good luck http://www.lynn911.com
0 votes 14 answers Share Flag
Thu Nov 17, 2011
Octavio M Moreno answered:
The short sale is a long process, after you take the listing, you need a offer in order to get a negotiator assigned to that loan, then wait for BPO/Appraisal from the bank, most of the banks are willing to pay up to 10% of the selling price to cover commissions, seller and buyers closing cost and any other cost like 2nd, lien etc. I have three years experience in short sales and my best time is 45 days from listing to closed escrow(with Countrywide) The listing agent have to do most of the job but I think if another agent brings the buyer is fair to share 50/50 the commissions and any reduction done by the bank. ... more
0 votes 6 answers Share Flag
Fri Sep 25, 2009
Carlo Gobba answered:
There are many sites that advertise foreclosures. They very best way to find one is to find it BEFORE it hits the market or as soon after and a good buyers agent will be able to help with that. I for one have access to all of Countrywide banks inventory as well as several other banks and we share that information with our clients looking to acquire.

Be sure (IF you are serious) to have your financing in line an acquisition strategy in place. While there are many foreclosures out there, in many cases the good ones are selling FAST.
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0 votes 6 answers Share Flag
Mon Oct 4, 2010
Jim Johnson answered:
HUD, VA and bank foreclosures all list with REALTORS, and they will not even talk to you before a property is listed. Tax sales are the only ones that do not.
0 votes 11 answers Share Flag
Wed May 4, 2016
M.D.J answered:
If you want another alternative to a 203k then feel free to contact me. I offer a conventional purchase loan with additional funds over and above the sale price for repairs and rennovations.

Or if you decide to go with the 203k then I can show you how to lower the payments after repairs.

Good luck to you.
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0 votes 17 answers Share Flag
Tue Jun 10, 2008
Robert Nichols answered:
Foreclosures are very different form standard deals. When you place an offer, the bank may not come back with an answer for several weeks or months in some instances. During this time, additional offers can be used to create a bidding war. Once the bank can get a certain price for a particular property they are satisfied and no longer seek additional offers. In your case, it may just been a coincidence where the bank finally got to your offer and was ready to make a decision but another offer was submitted. If you are looking for a buyers agent I can certainly help. I will provide you with a real estate rebate of up to 50% of my commission at closing. ... more
0 votes 7 answers Share Flag
Tue Aug 27, 2013
Carolyn Moriarty answered:
Absolutely...they do counteroffer on short sales. Once there is a contract on the property, the agent submits the executed offer from the buyer and seller along with a HUD-1 Settlement Statement. Upon receipt of same, the lender orders a BPO (Broker's Price Opinion) and in most cases an actual full blown appraisal and once this is done, the lender lets the agent know what he or she will accept; however, at that time, the original buyer can come in and indicate that was the final and best offer and see if the lender accepts same..... ... more
0 votes 202 answers Share Flag
Sun Jun 7, 2009
Ann Vargason answered:
It depends on the offer. The bank or any seller looks at the "bottom line" to make their decision on whether or not to accept an offer. For example: If a property is listed at $275,000 and the seller (or bank) is willing to take $265,000 if an offer came in at 270,000 with the seller paying up to 5,000 in closing costs then the bottom line to the seller would be 265,000. If an offer came in at 265,000 with no closing costs paid by the seller the bottom line would be the same. So it may be feasible in this market that the seller (bank) would pay for the closing costs. ... more
0 votes 6 answers Share Flag
Wed Feb 8, 2012
Pacita Dimacali answered:
The fastest, easiest way to get a list is to ask your realtor to research the REOs.

If the REOs haven't been listed yet, you can also go to the city or county records office which will have this kind of information since they are public record.

I did a quick search, and there is only one 4-bedroom house that is an REO. When I changed the number of bedrooms to three bedrooms, there were only 2 REOs.

So....I checked again to include short sales. And bingo! There are 8 listings for 4 bedroom homes. Lowest price is $599K, and highest price is $1.749M. There are only 3 in your price range.

http://maxebrdi.fnismls.com/publink/default.asp?GUID=3e5739f2-8a48-4d20-af3d-36a49dca20a4&Report=Yes

Don't shy away from short sales....there should be room for negotiations. Since this process takes quite a bit of time, be prepared to wait upwards of 45 days to get an answer from the lender.

When submitting an offer, make sure to:
1. Include a preapproval letter
2. If possible, include information about your FICO score to show your financial strength and ability to close the transaction
3. Make your terms and contingencies strong
4. Be absolutely realistic with your offer. With REOs, you may only get one shot at submitting your best and highest offer. Make it good!

Above all, make sure you are using a realtor to help you through this process. It can be tedious....but once you're in, it is so rewarding!

Call/email me if you need additional information or help.
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0 votes 13 answers Share Flag
Fri Jul 24, 2009
Deborah London answered:
Banks are looking for a non-contingent offer from a well-qualified Buyer. When there are multiple offers, the amount of money the Bank will receive as its net amount is what matters most. That translates into the highest offered price, with no credit to the Buyer in return, appealing most to the bank. Was this helpful to you? ... more
0 votes 13 answers Share Flag
Sat May 31, 2008
Barry Shapiro answered:
Base your offer on what YOU are willing to pay, not what you think the bank will take. If it is a Countrywide REO you can realize a substantial savings, as they are unloading their inventory. Otherwise, don't count on major price reductions -- that is more than 10% of list. Write your offer, wait for the response and move on to the next home. Your lose (of that house) is your gain -- since you will find another home at YOUR price and terms. Good luck! ... more
0 votes 7 answers Share Flag
Wed Jul 23, 2008
Sonya Loose answered:
Melissa- Chapman Law Frim, the lawyers office that was handling HUD homes in Michigan is no longer servicing them and it is being changed back to the law offices of Michealson, Connor and Boul. During this change over most HUD homes had the lock boxes removed and signs taken down. Also, you could not view the info on either law firms site. Some areas of the state still are not on. This could be the case with the home you are interested in. The site to keep checking is www.mcbreo.com . Good luck! ... more
0 votes 61 answers Share Flag
Thu Mar 25, 2010
Jodie Francisco answered:
Hi John,

You won't know until you try! I think it will all depend on the property itself, how long it's been on the market, the terms of your offer, your approval letter etc. If you are not working with a Realtor it would behoove you to so do. Feel free to contact me if you aren't already working with someone.

Best regards,

Jodie
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0 votes 5 answers Share Flag
Fri Mar 25, 2011
Karen Miller answered:
Hi Abresson,

Your Realtor's are giving very good advice. Many short sales never happen. Agents, sellers, and buyers put hours of effort into a deal & the bank can say "NO" after several months of work.

I'm finding traditional sellers to be the most likely to negotiate in this market. Noone is going to prevent you from closing the sale. Yes, short sales often have low prices but what does this mean? We may or may not sell it to you at this price. You should spend your effort with a seller who truly has the ability to sell their home.

I'm sure you'll get many responses encouraging you to go ahead with short sale offers on this site, but I think you're better off working with an agent you trust, especially if they are advising you to concentrate on traditional sales.
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0 votes 21 answers Share Flag
Fri Aug 6, 2010
Myke answered:
if the seller's realtor refuses to present it - it is actually illegal.

contact NAR http://www.realtor.org/ and file a complaint.

Realistically - the seller, or the seller's agent has absolutely ZERO say in whether or not your offer gets approved by the bank. The fact that the seller's agent is trying to inject themselves into that process is flat out illegal. ... more
0 votes 71 answers Share Flag
Tue Oct 9, 2012
Phil Moody answered:
There are a few and have taken a LONG time to close. You can get the seller to sign the contract and then wait forever to hear an answer from the bank.

You may want to look at REO (bank owned properties). The bank has gone through the process and now owns the home. They are ready to Move you in and close in 20 days or less!
E-mail or call if you would like to follow up on our local market.

Thanks,

Phil Moody
Prudential Network Realty
Ponte Vedra Beach, FL 32082
904-982-3373
phillip.moody@prudentialnetworkrealty.com
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0 votes 13 answers Share Flag
Sun Jun 7, 2009
Jeffrey Schnabel answered:
Definitely. The bank is no different than anyone else. They don't know what the market is willing to pay. They do know what they are willing to accept, but even that changes. The price is meaningless, what's it worth to the market is what counts.

Good luck,

Jeffrey
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0 votes 11 answers Share Flag
Sun May 18, 2008
Pam Winterbauer answered:
In a preapproval the information you provided is verified/documented, credit is run and submitted to the lender for approval. On a prequalification they just take your word and a letter is written. As a buyer there is strength when you have a preapproval that accompanies your offer. ... more
0 votes 6 answers Share Flag
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