I found a Countrywide REO property, It has been in the listing for over 2 months and The remax told me that there is no offer yet. (they reduced $10000 so far) I would like to offer 75% of asking price. Does anyone know if they are accepting offers in the range?
2007-08-03 08:42:55 · 5 answers · asked by M G 1 in Business & Finance ➔ Renting & Real Estate
Well you can try that. But keep in mind the lender obviously has costs associated with this property and needs to recoup those costs. I hope you are using a Realtor to represent YOU, not the listing agent. And you had better have a full house inspection done before. Better to lose $375 than to have $50,000 in repairs later on.
2007-08-03 08:55:37 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If the listing is Countrywide REO property it is in all probability a foreclosure, and the bank will look to recoup what is owed by the former owner, as well as legal expenses. What you can do, depending on where you live, is go to a website called visionappraisal.com, which lists all owners of a property if that state/town is registered with the site. That way you can see what the previous owners bought the house for, and estimate what was owed. If they owed the full asking price, it may take the house being on the house quite a bit longer before Countrywide will accept a 75% offer. I also agree with previous comments, be SURE to get a home inspection prior to closing if you are able to settle on a price. Best of luck to you!
2007-08-03 09:07:45 · answer #2 · answered by Margie B 1 · 0⤊ 0⤋
Countrywide is notorious of rejecting short sale offers. That being said, offering 75% wouldn;t hurt especially considering the state of the market and also that they are losing money every month when they do not sell the property. I would say:try it!
2007-08-03 22:06:29 · answer #3 · answered by ABC 2 · 1⤊ 0⤋
They're going to laugh at that offer. Lenders aren't in the business of giving away REO's. They will wait for a satisfactory offer. I've seen REO's on our MLS for over nine months, waiting for the proper offer.
2007-08-03 09:14:17 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
you won't know until you ask....
but i will tell you that banks and lending instiutions are turning down offers that are no where close to the defaulted amount.
i would first find out what the amount left on the previous loan was, then work from there.
also make sure there are no liens or back taxes on this property.
good luck :)
2007-08-03 08:56:00 · answer #5 · answered by Blue October 6 · 0⤊ 1⤋