[barryhussein]

Maybe some of you have heard this. I have been making some offers on REOs, and I'm starting to catch on to the games there playing. I submit an offer and give them about three days to respond. On the third day, they send me a message: we have multiple offers on this property--give us your highest and best.....At first, I raised my offer. Now, I realize how many of these props they have, and I think they are BSin' me. They drag their feet, then come back asking for a higher offer? No mas! Out of 10 offers I've made so far, only one was prompt with a counter. I am a cash buyer, too. If I was selling, and someone with cash was interested, I sure as heck would try and deal with them. There are 20,000 other properties out there, I don't feel like they should be wasting my time. A few of the largest banks seem to be most offensive. Of course, sometimes they don't even know what the HOA fees are, or how many bathrooms. There will be two identical places, next door to each other, one will say natural gas; the other electric. Pull your heads out of your asses folks. "Well, we this agent has 600 properties, sir." And they wonder why?

Anyone have any opinions on this?

[von949]

[jjameson922]

The only thing I can offer to you is to ask, aren't you working with a realtor? If not, it sounds like this process could be like leading lambs to slaughter? It is up to them to provide you with the info you say is not available correctly and assist in making offers to these very difficult banks.

[olecapt]

Nature of the beast. These are very low margin sales. Agent is likely getting a percent or so net. Not very interested in doing anything other than minimum. Your agent however should be taking care of most of this.

Many of the banks are still not in control. Sometimes it requires investor approval. That has been known to take a week or more. All the best and finals I have seen appear to be real. Knowing exactly how much you are willing to pay you simply bid that amount...what could be simpler?

Lately we keep having the house sold out from under us. It is annoying. It may be that the good stuff is going up a little.

REPOs are a contact sport...enjoy...

[VegasChick]

Question for olecapt or other realtors who may know..

I know they are holding back on foreclosing on some properties this month and also they have a bunch of foreclosures that have been foreclosed upon but they aren't putting on the market yet. Any idea when the large influx will come on the market? January?

[airics]

imo, they have an offer that is tied or just above yours with financing. if you bump up, you may get the house, if not the other guy will.... happened to my wife and i on our home, offered 249,9 they came back after a week and did the bring your highest bit.. we went to 252 got the house... funny thing is that i met the selling lister several months later, actually remembered the house, we had tied! other bidder was just like you, didn't move an inch.... I am so happy we got this house... It has been 11 months since and i have no complaints whatsoever...
Also, i don't know if this happens with homes (as i am in the automobile dealership business). If we have an identical offer on a car (one cash, one approved financing), we take the financing.

[Daddys///M3]

Originally Posted by airics

imo, they have an offer that is tied or just above yours with financing. if you bump up, you may get the house, if not the other guy will.... happened to my wife and i on our home, offered 249,9 they came back after a week and did the bring your highest bit.. we went to 252 got the house... funny thing is that i met the selling lister several months later, actually remembered the house, we had tied! other bidder was just like you, didn't move an inch.... I am so happy we got this house... It has been 11 months since and i have no complaints whatsoever...
Also, i don't know if this happens with homes (as i am in the automobile dealership business). If we have an identical offer on a car (one cash, one approved financing), we take the financing.

It depends on how strong the cash offer is vs. the financing offer. I believe that if the cash buyer has a solid proof of funds that the seller will go with cash everytime, no matter how solid the pre-approval for financing.

On another note, I did not know you were in the car biz. What exactly do you do and at which dealership? Feel free to DM me.

[airics]

i have a dealership in cleveland, ohio... i sell to the bigger dealerships.... after 15yrs, i am getting out and moving to vegas.. believe it or not, i applied to about 7 places (not auto related) and have gotten 3 requests for interviews...trying to get flights!

[rpachigo]

There have been 30,000 foreclosures in 2008. There will be more than that in 2009. This is according to a report on NPR this am. Prices are still trending downwards. Someone in the story mentioned they bought a foreclosure in September and has already lost about 20,000 based on the comps selling today.

[airics]

maybe it was in mountains edge