Last week I received a call from an out of state bank.
They found me through my blog....and wanted to know if I would be interested in listing an REO they had in inventory. I said ..."of course I would...where is it located?"
The property was located in another county but I wasn't too far and had some knowledge of the area. They explained to me that the property went into foreclosure and they were the new owners. They also told me that they were allowing the people who foreclosed on it to pay them a reduced rent and stay there.
The bank asked me to go to the home and take some photos and then give them my BPO analysis of what I thought I could list it at.
There were some other issues that were going on regarding these tenants and the bank instructed them to cooperate with me and let me have access to the property. I called and finally got an appointment to meet them...inspect and take photos of the property.
Before I went over to see it I was trying to visualize the situation. I figured I was going over to a home that was probably not in one of the best neighborhoods but I assumed I was going to meet a nice family that just happened to be down on their luck. I did this because I didn't want them to think I was there to throw them out but I also needed to have complete cooperation with giving other agents access the property and get it sold quick. I also figured the property probably was in fair condition.
Below are some photos of what I really walked into.....I was pretty surprised at what I saw
As you can see.... this is the exterior front view
Take a closer look at this shot of the front window...you'll notice the glass has been broken and there is a sheet covering the hole...I wonder if my showing instructions should read "Stick hand through window....turn left and rate lock."
That's how we had to get in when one of the tenants came to let me in.
I guess they were sending out their laundry.
This appears to be a the great room but I doubt they were watching any sporting events lately.
Although this home had window A/C units....it also had vents installed for central air but as you can see...that is no longer included.
I'm not sure what they were mailing but I don't think there was enough room for all these cement blocks
This photo shows that there is potential here.
As you can see ...it appears that the money must have run out and so did the people.
This could have once been a nice place to enjoy a backyard barbacue but I think they need a lanscaper first.
When I went back with my analysis I told them that it was virtually impossible to put a value on this property in it's unlivable and uninhabitable condition...but if it was cleaned up and renovated it would probably be values at a range of 165K-175K according sales over the last 90 days.
These are just a few of the photos....it's a whole lot worse...there was animal droppings and I would suggest a mold and or air quality testing.
The moral to this story is that from what I was told....a person paid 80K for this and was convinced into refinancing this with another occupant and then the equity was cashed out and gone. When the owner foreclosed ....they owned over 200K.
It actually turns out that nobody was living there but they were paying rent. I can also assure you that no one could live there in it's present state.
Go figure...I smell something...do you?
For more information please contact Neal The Real Deal Bloom
-CRS-Realtor® /Remax Premier Assoc.
2500 Weston Road ,Suite 103
Weston FL 33331
(954)608-5556
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Woweee Neal...those are the types of places I would walk out....speed home and jump in the hot shower ...lol!
Sally,
My business partner wouldn't even go into the house. He thought it was really disgusting and this is a possible listing I might take.
Neal- If you think thats bad never move to Flint,MI to become a Realtor.... this would be an excellent condition home in some areas LOL
My parents are RE investors and have bought worse then this (although we do fix them up 1st and are in good areas lol)
REO properties are always a challenge. You NEVER know what you are going to get!
Quite the jewel. Odly enough, I'm working with an investor group that's interested in picking up stuff like that here in the Tacoma area. All I can say is that one man's poison is another man's medicine. "I just love it when a plan comes together."
Chris,
Never been there...interesting that the area is worse.
Susan,
I've listed them before but this one was a real doozie.
Terry,
We buy that type of stuff as well but the bank would rather clean it up and hopefully they'll ask me to sell it.
Good news? You were found because of your blog. Bad news? Eeeuuuwwww
I think that is a great example of what the banks are dealing with in many cases. Not only are the properties coming back to them, but not in habitable condition.
Did you take the listing?
Colleen,
Good news:)
Randy,
Not yet....they haven't seen the photos yet....it will be in their mail box tomorrow. They said they have to clean it up first.
Neal - as said before, great news that they found you through your blog/s. And who knows maybe they'll have other ones (not like this one) later for you to list. ~Rita
Neal, people wonder why I keep trying to talk them into looking at properties other than foreclosures. I wrote a recent article to try an briefly explian it but you took it to a whle new level and truly represented what we are seeing out there as agents.
http://activerain.com/blogsview/661681/Are-Buyers-missing-the best values by focusing on foreclosures?
Nicely done and accurate account of how much cash you need to sink into a "Great Deal"!
Neal, Holy cow! That's horrible. The bank will flip when they see these photos, won't they? $200,000? Bend over. I hope they kissed them first:)
Bet it smells nice, too. I commented at a luscious-smelling new listing the other day that "It's too bad we can't capture smell with a camera." But today, "Thank goodness Neal can't capture smell with his camera!"
Oh please don't put in the listing that it "shows well" if you get this as a listing.
Awesome job on getting found through your blog. And sorry about the condition of the property, who knows how this story will end
I've seen properties in worse condition! I bet ya it sells- if priced right. That is exactly what buyers want.
I've seen way too many properties in this condition (and worse) lately that were listed and on the market! Get out the hand sanitizer!
Neal - what were they groing there ... I had a client want to see a home where the listing said the property had been used as a grow house but they only used the house proper for drying purposes. Years ago my husband was showing a property and when he came out the his pants were just crawling in fleas
Come on Neal you are selling yourself short. That is prime real estate, you can sell that in a day if they have been on enough drugs :)
Beautiful ranch, well appointed and move-in READY! Deck overlooks lush backyard, perfect for a bar-b-que! Can't beat THIS deal, Neal!
Congrats on being found through AR and I hope you had a nice long shower after your photography session!
Hi Neal that sure was an interesting expose. Seeing things like this always makes me wonder about people's priorities or lack there of.
Neal Thanks you so much for coming over and sharing in my loss. I so appreciated your very kind expression.
Neal - come on, it just needs a little TLC, and a creative buyer.
Jeff
Rita and Brian,
I'm not one to be picky.
Garren Group.
I'll show just about anything but this isn't ready to be shown and no one would even want to waste gas to bring them there.
Elizabeth,
I think they were taken...more like they took all the equity out and ran.
Dream Finders,
It didn't smell pretty.
Richard,
How about ...bring your own mask.
James,
Hopefully the bank will clean it up so I can try to recoups some of the money.
Mott,
An investors dream but not at that price and condition.
Kelly,
It can't be listed because I'd be embarrassed to show it right now but it does have potential.
Kathy,
Just some over grown weeds that were never cut...its definitely a big job...they've got their work cut out for them.
George,
Not the best of neighborhood but I really was expecting to see better.
Debe,
My partner was worried about fleas:)
William,
Thanks for stopping by...no prob...I hope you are doing better today.
Jeff,
TLC? More like it needs TLW and her rifle:)
Neal-I have never seen anything like this, Maybe I am sheltered. But it will sell to someone at the right price.
Joe
Welcome to the world of REO. I have seen worse. It is not for the 'part time' agent.
Neal: Now another re-habber needs to buy it for $40K and start over! There may be a silver lining here, but you have to look hard to find it! ;-)
Thats one of those homes where you hose off immediatly returning outside. However, I can tell you I have seen much , much worse. I was in a home where there were magets all over the floors and throughout the entire kitchen. All while someone went from room to room with a sledgehammer knocking out every wall ( wires were left hanging) ceiling fans and any glass including windows. We won't even talk about the refridgerator, that was tossed out with the contents still remaining !
"I smell something...do you?"..Absolutely!
It smells like money! What an opportunity for profit! What's the address. Love the fact that you told the bank it was not liveable. So I guess you are listing it for say $80,000 and the bank can expect an offer of $50k right?
Send me the address..I'll send you an offer right now..easiest money you ever made!
Well now...I think a drastic price reduction is definitely in order! And you will probably need a shower after showing a place like that!
Very sad. The longer I'm in the business, the less things surprise me. It still stings though to know that there are many similar situation out there.
Wow. It's encouraging to know you were contacted b/c of your blogging, at least.
Neal - Yikes! This is truly bad. I get irritated when my house gets messy, but it is not filthy, just cluttered sometimes (we have three kids so I guess we have a built-in excuse). It also makes me sad to think about what happened to the people who were there before.
Neal, I have seen homes, and many of them, in conditions similar to this home!!!! I open the front door and the smell is so strong that my client does not want to even enter the house!!!! But, best of luck with this one. I hope the bank is willing to do some thing to make this home presentable.
Well, at least it looks mostly like a mess, rather than deliberate destruction (the missing AC notwithstanding). Could be worse. I do hate a dirty house, though. Good luck with it.
bank called me on a property that sold for $350K , looked nice in the previous MLS pics. when I got to the home it was a ramschackle shell of itself and bank wanted $97K
Wow Neal, that is just crazy...glad to see I am not the only one that finds these gems!
I have seen similar, and felt pretty disgusted. What I find amazing is that the sloppy condition has nothing to do with having the money to keep it clean. There is no excuse to let the house be in that condition. Just pick up the trash, sweep or vaccuum the floors, clean the toilets, etc. Those people are just pigs!
Surely Neal there are better properties for you to spend your time listing. I have seen these too myself and unless this is your specialty I take a pass,
Neal...
These are the kinds of places my clients like to lowball...and justifiably so!
Neal, GOOD JOB a "Featured Post"!!!
How about coming over and taking a few pictures of my office, I bet you could get another feature out of that ........... LOL
I have seen some very interesting, no make that disgusting homes. I left one with fleas on my pant legs! GROSS. Hope it sells quick!
Joe,
Now you know what I mean when we spoke on the phone about Century:)
Melody,
Thats why I'd take the challenge...I'm not part time...never had been...this ia a big job for sure.
Steve,
Great rehab but the bank has to know how much it can command and most investors won't pay top dollar...I'm hoping if I get it that they will let me price it for a family to live in it.
Melissa,
Believe me...you didn't see all the pictures..I didn't have time to put them in...but I did get them off to the bank so we shall see what happens.
Barry,
first of all...I'm happy you are enthusiastic about making an offer but this home owes over 200K and I have to convince them to sell it at the numbers I mentioned...they were already trying to get me higher...at this point they aren't ready to put it on the market so if you want to check back in a few weeks after they fumigate it ...I'll be happy to submit it.
Russell,
I can't reduce it until we set any price. I know where it should be as far as fair market value goes.
Bro,
True...not the best situation but at least they might let me take it on for all the work I di up front before they commit to me.
Brian,
Nothing new for me...good content and you'll get picked up if you do it right.
Jason,
Filth isn't the word...maybe the word health hazard is better...I told them that I didn't think a wounded animal would even want to die there:)
Mana,
I don't even remember the smell because I was blinded by the trash and debris and all the animal droppings.
Judith,
I didn't even bother to ask the person who opened the door why it looked that way...there was more to the story about the prior owners and what really happened but it too much to get into.
James.
Now that's a good deal!
Jeremy,
Maybe in my next blog I should say no duds please:)
Vicki,
The bottom lines is if they want to recoups as much as they can they'll need a lot of help getting it ready.
Gary,
I'm not so picky or I wouldn't have bothered to drive 25 miles to it.
Richard,
Low ball on this...would be more like no ball:)
George,
Gee thanks for ruining my consumer driven featured post...I guess AR thought it was good:) But remember you commented on it before it was so did you flag it?:)
Anna,
When I stuck my hand through the broken window I wasn't sure if something didn't grab me and pull me in...I even asked if there were any animals inside like a dog or cat that hadn't eaten in a while.
Neal..you wrote.."...I'm happy you are enthusiastic about making an offer but this home owes over 200K"...
It is wholly irrelevant what was owed on this property. That is one of the main problems with most real estate agents being involved in distressed properties. Not pointing the finger at you but it is a shame when you read some of the comments above. There is an absolute failure of recognition. There is a HUGE opportunity for profit here. Amazing more don't recognize that.
Additionally too many agents really don't have any clue as to how to price these kinds of homes.
That being said, it's a great..absolutely great deal in as is condition. Unreal that most agents don't know how to market this property and sell it on both ends.
Barry,
I'm just passing on their answer to my evaluation....if they want to get rid of it for 20k then that's their business...my job is to try to help them recoup as much of their loss. I'll submit any offer that is put on my desk no matter what it is.
Obviously it's irrelevant but when I old them what my assumption is of fair market value based on the range they threw out the well they owe this for it and I said well at this point it probably wouldn't get more than an offer in the 50-60k range and they weren't ready for that...my pricing is based on the last 90 days of comparable that fit the size of the property without me even seeing it..I told them I would see if there were adjustments needed to be made if there were upgrades...any smart agent knows that in this market you can't use comps that were 6 months old and even with 90 days...by the time we go into contract the price might go down even more and then not appraise. It doesn't matter to me....I'm not emotionally attached to it...it's worth what it's worth in livable condition...I gave the bank/owner the choice to sell it as is or clean it up...they want to clean it up...as far as anything else being repaired...they haven't told me yet. I personally would either sell it the way it is ....maybe clean it but not put too much other than a coat of paint and some flooring. I buy these types of properties and I have sold them in as bad condition and made out and also on some went too overboard with upgrades.
I had another REO about 6 months ago and they knew I knew the neighborhood..they found me from my sign...they fired the other agent who wasn't proactive and priced it way too high. When I repositioned the property with a lower price they wanted me to justify it in my report and I did and it sold a few months later for about 80K lower then the other agent...but that was the fair market value.
I'm not perfect but in my 12.5 yrs...I'm pretty good at what I do...
Neal: Back to comment on three items:
1. eeewwww FLEAS! Now I'm itching all over!
2. Congrats on that little gold star you got--great documentation of the property and love the comments too!
3. In response to Barry's comment: I have purchased and flipped many homes--prior to becoming a REALTOR as well--and I have to say that being an agent, we are FAR more capable of judging whether a property is a good investment than the general public because of the systems available to us. That is why investors use real estate agents to locate their properties--because we can differentiate between a 'fixer-up' and a 'money pit.' If a property has had ALL of the cash pulled out of it (above and beyond the value of the home) AND has tens of thousands of dollars of improvements needed prior to a resale AND the neighborhood does not substantiate the newly inflated price, how in the world is an investor going to make money on that property? Unless the investor is going to hold onto the property for years and years, attempting to possibly see a positive cash flow at some point during their ownership, he's going to be a BIG loser! Neal's breakdown of the value and the amount owed does not even take into consideration the price of improvements to even make this home habitable!
After pulling comparables on a distressed property, we call in the subs to see what exactly HAS to be done to update/improve this home. If the contractors (who have previously been 'shopped') give us figures that don't make the property a SOLID investment, I advise my clients NOT to offer. If the general public were to take your advice and go-it alone, they could wind up in foreclosure! With all due respect, I beg to differ with you on the who needs an agent comment!
Neal, I wish I could take credit for it, but nope not me this time. Now go get that place cleaned up ....... LOL
Neal - glad you set out the ground rules before going any further - i.e., it had to be cleaned up! I'd also say that the current "tenants" would have to move out!
Debe,
WOW!
You are definitely right that no matter who buys this property...it will probably take a long time. You definitely have to hold if it's for investment...if you re living there than it all depends on the true value...as far as whether it's a good investment...that remains to be seen. But I have to follow what the potential client wants..I can make my professional suggestions but in the end they make the final decisions. I'm not sure how Barry practices or sells RE or whether his market is different from mine but I knowthat I do the best job I can and I put in the effort to sell it whatever the value is. If Barry wants to wait for me to list it then he can submit any offer he wishes and I'll wait for a response. Thanks and this turned out to be an excellent discussion.
Neal
Many agents in our area are getting really creative when they put comments regarding these problems in the REMARKS section of the MLS listing.
"Sellers remodeled kitchen and Baths but sadly they took them with them"
"MOLD REMEDIATION IN PROGRESS **HONEST**
You never know what we might find in the Washington DC metropolitan area
Good Luck and just think there are many more to come
Laura
George,
Ok...then don't take the credit...just another to add to my collection I guess.
Sharon,
I didn't understand why they were supposedly paying rent or were planning on it...I'm not sure other than the fact that nothing could live in there.
Laura,
Ive seen my share of these but I wish that it wasn't as bad but as I come a cross these...my eyes open wider.
Neal I am not questioning your ability. What I am questioning is your rationale. You said..."if they want to get rid of it for 20k then that's their business...my job is to try to help them recoup as much of their loss".
If your valuation is correct then I guess you are helping them recoup some loss. But I have to say that IMO, a real estate agent needs to properly assess value which again in my opinion..most can not. They price listings HOPING to get a listing then price it incorrectly then go thru the game of lowering the price every 30 days until it sells.
I live and breathe REO's and this most assuredly happens more often than not.
As for Debe's comment..it's somewhat laughable. Trust me, if ANY true investor needs you to find or comp out properties, then they don't have any business being involved in the business.
That's not a slight on your abilities, it's just that an informed, experienced and informed investor who runs an investment company does not nor would they rely on the data given to them by an agent. Sorry..it just doesn't work that way.
Trust me..I work in Neal's market and if I had the address, I could obtain a workable valuation, a realistic repair estimate, run the property for all title defects and liens, complete a regression analysis, and then have a Cash flow analysis and from that determine what we would offer on the property. FYI...we could do this in about 30 minutes without the need for a real estate agent whatsoever.
In fact this is what we do on a day by day basis. What I will agree with you on is that if the numbers don't work, we don't pull the trigger. So I agree that the numbers have to make sense.
Neal..I'm right here in Broward..let me know the address when you can.
oh this is yucky - I feel for ya - guess it comes back to the as is - where is line... oh my
I've seen worse Neal and people were living in it! It was a mess of their own making and was just normal to them!!! It can be cleaned and sold, but there will be no profit.
Barry,
I appreciate your feedback but please...you don't have to repost my comments...I know what I said above so please lets stick to the post...the post is about the property condition when I was called and not about RE agents and whether or not buyers or investors need them. There is a lot things about the situation that I can't discuss right now. All I was asked to do was go there and give them my opinion on what the list price should be and without seeing it based on my research...that is the range. Now that I've seen the condition which I didn't expect to be as bad....sure in it's present condition....it cannot be sold for that price but potentially if it was cleaned up and certain items were repaired to livable conditions then I wouldn't hesitate listing it in that range. As for asking them to take less the way it is...well ...I'll leave that up to them.
The seller asked me to figure out the price so I'm basing it on livable conditions...I know that in it's present state that it's probably worth a lot less but that is not what they want to know....they want to know what it is based on the assumption that it's ready to move in to. I told them I have people that would make an offer right now sight unseen for 75-80K but they aren't ready to consider that. They didn't ask me to price it based on what an investor would pay in it's present condition.
I've been in the business long enough to know that many agents take listings at any number just to take them and end up reducing them....even listings that are considered priced right at fair market value might sit and end up getting reduced but it isn't always the agent who suggests it...I've had sellers come to me and say to reduce it. As a matter of fact when I go on listing appointments ...I will bring comps with the history of how many times they were reduced so the sellers see it first hand. I've witnessed many agents that were trained that way but in the end if it isn't realistic then the listing ends up expiring and goes to the next agent. You might not need an agent to do all your research but you might need an agent to locate those properties for you...as you said you don't know where this property is unless an agent finds it for you....thank you and I'll see what happens with the status of the property.
Neal fair enough..but one thing...when I said I did not know where the property wa..I did not mean I could not find out. We keep a very comprehensive database on EVERY Lis Pendens, Every Final Judgment and Every CET and all REO properties in the County. Many have been marketed to even before the Lp was filed.
With so many to choose from, we go through our queries based upon what one of our buyers may be looking for. We don't query the database at random just to see what's out there. So please understand..no..there is not a need for an agent to locate the property.
By the way...as many times as we have tangled with people on AR...for some reason they all assume that we don't have agents that we work with and have in our office. What I said is we don't have a NEED. The convenience and financial aspect are much different attributes.
Too many on AR assume that re investment businesses don't have agents trained to work with them on staff or in close proximity.
Neal: Oh my!!!! I am like you, I see the potential in this little cottage if the selling price was right. Thanks for the photos. A picture is worth a thousand words.
You are so brave!
@ Barry Cunningham - Damn, I've been waiting for this moment. Two things first off and you can call them talking points:
Listen man, the above two factors... if practiced, can create a plethora of opportunity in this or any other market. I don't think that is the only thing we are dealing with at this point. I'm quite sure you have a competent staff of bird dogs, appraisers, private money, and BPO experts to ensure the 'deals' you run across will make you money and not make you an infamous financial breed.
Perhaps I'm out of my mind here, but this comes down to humanistic ideals, thinking, and reality. This property isn't merely a financial investment, it's a financial reality to those who wake up and see it in the mirror. We must try to make this right, to the best of our ability.
As a commentator, I follow you Mr. Barry Cunningham... the best I can. You be you and I'll wax Robin Hood along the way. 'Brave' has nothing to do with this... I'll raise my thumb in the air and give them every verbal enticement they have been looking for. Or, we will just educate the masses. Folks seem to be afraid of that, I would be too if I had a greater piece of the pie.
Hi Stranger! That place is yucky! I'm glad that you didn't get electrocuted or fleas! :) From old Texas days, animal droppings almost always meant flea bites were to follow......ack!
Diane,
You should have seen the rest of the photos.
Mel, :)
Barry,
Just an update...number one ...they aren't ready to put this home on the market..and I told them that I had a buyer/investor who would consider taking it off their hands right now for 75-80K...they told me they would rather clean it up and try to get double. They are already losing money.
Bro,
Easy...don't get all excited:)
Hey Shannon,
I was afraid something would have bitten off my hand.
Lol, sorry. It was one of those times where my thoughts pertaining to the relevant content didn't translate too well into the written word. Ahhhh, so much to learn...
No it's all good..I got a bit riled up as well....not a big deal..anyone can leave their opinions and I could care less if they are trying to insult me...it's only their insecurity.:)
Jason...you wrote.."
"Perhaps I'm out of my mind here, but this comes down to humanistic ideals, thinking, and reality. This property isn't merely a financial investment, it's a financial reality to those who wake up and see it in the mirror. We must try to make this right, to the best of our ability."
Feeling a bit like the AFLAC Duck...I respond Huh???
@ Neal...are you dealing with a "real" bank or a hard money lender. Most banks do not have the funds nor the charter that allows them to renovate a property.
I would be curious to know the address so I can assess this deeper. Do you have the listing? If so what's the address? Something doesn't smell right at all here with the bank telling you that they want to renovate the property and "double" their money.
Barry,
I believe they are an asset company...I didn't go beyond that. They called me for my opinion and said they would rather clean it up and sell it for more...end of story....and no I do not have it listed...do I know for sure that they will list it with me? No but that was a chance I took by giving them the information they requested hoping they will appreciate that I took time out of my day to look at it.
I would rather no start assuming anything yet. That's how they want to handle it and there is no need at this point to get into a controversy with them if they would rather clean it up and command more...lets let it go.
sure..no problem...but one question..
What's the address? Is a matter of national security? Please provide the address so I can pursue what seems to be a pretty good opportunity. If they end up listing it with you I'll shoot you a referral if anything comes of it..in the mean time I can run it up the flag pole and see what the deal is on this property.
Providing an address on a property shouldn't be a problem ..is it?
Barry,
Conjure up any scenario you want...so I guess it is national security.. if you say so...let's not go there....this post is not about promoting the property and quite frankly since you appear not to need a Realtor(R) for anything then I'm sure you are smart enough to figure it out yourself...oh and thanks for your offer of a referral but I'll pass. The property is not ready to put on the market and if and when it is I'll let you know about it. End of story
Oh...I have most assuredly figured it out. That was done a number of comments ago. I'm not conjuring up anything. Most assuredly it is not MY intent to conjure up anything. I was just along for the proverbial ride.
Sorry I didn't have time to read the comments before responding. I'd list it as an REO in a second - at somewhere between $50 and $80k AS IS - Fixer Upper, look for an investor. Take it or leave it and I'd sell it if the bank listed it there. If they wanted more, I might pass on it.
Laurie,
This was discussed with the numerous times when they called me and after I made my assessments. Even last week I told them there was a few people who would take it off their hands sight un-seen and they refused...they want to clean it up and get it fair market value which is 165K-175K...they keep telling me how much the mortgage is ..over 200K...that's the bottom line.
There isn't much I can do but wait and see the condition after they do their clean out and clean up.
Neal it sounds like you have a good handle on this; I see REO listings as a challenge but we have so many of them there are no hard and fast rules here. Keep us posted it will be fun to follow your trek on this.
Also always amused when people feel like they have to promote themselves to the world in a negative way against others. It's so tiresome and 20th Century. This is after all the 21st yes?
I have a colleague that specializes in REO's in that particula area - she explained that a lot of the banks are fixing the properties up a bit knowing it's worth the money. I don't know about $165k but they could probably get in the low $100k's and it would still be a great deal for an investor.
Carole....."so last century" ...you crack me up!
Neal- If only banks were as anxious to sell as some think we would have far fewer hassles with short sales and REOs... Unfortunately Banks are just like everyone else... some are a bit smarter and others are a bit dumber.
I just closed a sale on an REO where the bank turned down 3 of our offers playing the we have multiple offers game... finally the buyer refused to talk to the bank about another counter.
A month later the bank came courting us and took an even lower price then my clients had previously offered. Bottom line.. it's very difficult doing business with entities who have little grasp of reality... and timing is everything. Oh yeah... cash doesn't hurt either.
Wish you luck with this one my friend..
K
Ines,
I might not know that area as well as you since you live closer but according to my comps over the last 90 days...that's what the range was if it was cleaned up and and some repairs.
Kaye,
I never understood the logic behind some of the decisions that were made.