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If anyone here has experience on the /sales/ side of REO, I am hoping to
find out something;
I put in a bid on an REO property that was given to a property management
company to sell for the bank, who then gave it to a realtor to list.
The property management company seems to want to sell ("dump") it quickly,
based on my interpretation of the agent's comments.
I knew what bank held the property already, but even if I didn't, I could
have gotten it from the tax records,
The agent implied that there were bids higher than mine (cash value) but I
insisted on putting in a bid anyway; the selling bank is where I bank, and
also where I got my pre-approval letter. I wrote in my offer that I'd
agree by contract to get my loan from the selling bank, and also agree not
to re-finance with any other institution for the life of the loan. I
included the aggregate amortized value of the loan to show the long-term
value of my offer to the bank, not including the origination fees.
I am still waiting to hear back, but it is well past the deadline on my
offer, so I am assuming I probably didn't get it; I am wondering whether the
property management company only looks at the cash portion of the offer? I
suspect that they get paid based on the highest bid (a percent contract fee
of some kind) although I am not sure. But if they are responsible to get the
bank the best deal possible, I would think my bid would be the one, because I am
certain the aggregate amount is 20% higher than any other bid, unless the
realtor told another bidder to do the same (I suspect he knows at least one
of the bidders personally or professionally, based on some other
information I've, but I do not think he had time to get another offer
revised).
So a long explanation for a short question- in case I ever decide to try to
buy an REO again, is this a good approach, or am I wasting my time if I
cannot 'play with the big dogs'?
Thanks for any inside info!
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REO question
