Need Advice on a foreclosure

[Pawan77]

OK, I placed an offer yesterday for $55k on this house and got my rejection today. The bank responded pretty quick on this....

I think it is the realtor and the bank together trying to sell it as a retail rather than a flip.. it would be interesting to see how a owner occupied will buy this with huge problems when the market is flooded with ready to move in houses for a good bargain.....

What surprises me is that a bank responding that quick on a REO offer????

The realtor also said that they had an offer liitle over $100k, which doesn't make sense to me as I know it needs atleast $45k worth of repairs and even if someone did on their own and saved the labor they will walk out with a max of $12-13k which is like 8% return on their investment... so for sure the realtor is lying.....

Just want to update you guys...

Thanks for reading and posting....

Dear REI memebers,
I just got an email from the realtor asking if I would like to increase my offer. I think the $100k plus offer is a fictitious offer trying to get me higher and it is kind of confirmed that there are no offers yet. Can I increase by just couple grand? how do I take advantage of this scenario? Thanks for any posts.

[Dave Reynolds]

Regardless of how low your offer is you are entitled to submit your offer to the listing agent. By law the agent is to present all offers to the seller, which in this case would be the bank. Prior to submitting your offer I would review local comps in the area to ensure that your offer is in line with market trends, this will increase the odds of your offer being accepted. Additionally remember ‘cash is king’ in this market, so the more cash you put down the stronger your offer appears to the bank.

[Pawan77]

Dave,
Thank you for the post.

[Pawan77]

I have signed a contract while doing the paperwork for putting the offer. The offer got rejected, since then I am not in touch with the realtor nor he i.
This is back 2 months ago
How long I am stuck with this realtor?
Can I go to a new realtor?

Could someone please post.

Thanks in advance.

[kdhastedt]

Unless you signed an agreement to exclusively use this Realtor, you are done with him/her at YOUR discretion - you have no legal obligation to them.  If you don't want to use that Realtor, use another.  Some Realtors understand investors want/needs/desires better than others.  Try to find one of those!

Keith

[Real Estate Seller]

I disagree with Gold River. The banks will accept offers on the FMV if you know how to structured  the deal.