When dealing with list prices on REO prices, what is...

Submitted by gmanjondale from CA - 07/29/2009 - 7:32pm

When dealing with list prices on REO prices, what is a good bidding strategy?

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Submitted by Sean - 08/02/2009 - 7:10pm

Really depends on the circumstances. If the property has been on the market sitting, overpriced, put in an offer just before the bank's fiscal month/quarter/year end, with a short close.
 
On all REO offer be sure to pay attention to terms. The cleaner your offer is (without special requirements, inspections, etc.) the better. Cash is better. Short escrow periods are better.
 
Know that it is not always the highest price that wins. It is the best price AND terms. So if you are capable of making a clean, cash offer, you are probably ok coming in a little below others who need financing.

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