A Behind the Scenes Look at Buying an REO
I received a very interesting email from a listing agent today. Anyone who is considering writing an offer on a bank-owned property should read this. I am changing the names to keep it anonymous. See the email below:
Justin,
Thank you so much for taking the time to write the email. The asset management company has only countered 1 offer at this time. They have not rejected any of the other 9 offers. Unfortunately I don’t have any “pull” with the bank to accept one offer over another. The offer that the company decided to counter was one of the lower offers . . . I’m not sure what the qualifications the bank looks at – however I can tell you that the offer was very clean and wasn’t any where near the higher offers. I’m not sure what they use in the acceptance of offers other than it’s usually one of the first couple of offers that comes in.
I won’t know for sure if your offer has been rejected until they send me the paperwork – but at this time there is only one counter offer out to another party. I will let you know just as soon as I hear something.
Thanks again for taking the time to write the email and good luck with your clients.
Sincerely,
John Agent
Let me just add the phrase you’ve all heard, “real estate is local” or “location, location, location.” What I mean is that this email certainly does not apply to every bank-owned property in the world, nor does it apply to every REO in San Diego County. However, we have been seeing this sort of situation play out for the last couple months in many areas of San Diego County.
If you’re a cash buyer, we can help you find the right property (we’re buyer specialists, and we have access to all the other companies’ listings). If you’re not a cash buyer, we can help you with a strategy to overcome these conditions and find your dream home.
Justin Gramm
Exclusive Buyers Agent, Broker
http://globella.com
