I am sure your offer was based on actual comps, minus repairs and the profit needed by you. So you have made your best offer already right?
Go on to the next one and re submit your offer in 30 days, you never know!
Good luck,
Michael Mangham
MD Home Acquisitions
__________________
Knowledge is power, but execution trumps knowledge. Tony Robbins
i agree with Michael. just because it is rejected doesn't mean things won't change for the seller in 30 days, 2 weeks, whatever. but, don't get hung up on one deal. there are plenty out there. if you still want to pursue the deal, do what Michael said and still put offers in on other properties.
What do you do when a offer is rejected on a REO vs
getting a counter offer?
Thanks,
Eric
If I may ask, how did you go about submitting your offer? Haven't done one yet and was curious if you spoke to the bank directly or if you did it through an agent and if it was email, verbally, or written up.
For example, the house that we live in right now...when I made my first offer on the house I really "low-balled" the price.
Response? NONE. No counter offer which means, REJECTED!
What did I do?
I went ahead and told my realtor to make another offer and it was accepted.
So...as has been asked - was it your best offer? If so, move on and perhaps keep an eye on it for later. You never know.
If it WASN'T your best offer and you really think it's a good deal - make another offer.
Just my thoughts.
Mike
__________________
"Make it an AWESOME day! (Who else is going to do it for you?)" - Mike Spillman
"As long as there is breath there is hope!" - Mike Spillman
As far as submiting the offer I used a agent from the listing broker.
I gave a them a proof of funds letter & made the offer contengent on my inspection of the home.
I agree with Michael:
"I am sure your offer was based on actual comps, minus repairs and the profit needed by you. So you have made your best offer already right?
Go on to the next one and re submit your offer in 30 days, you never know!"
and Linda:
".... just because it is rejected doesn't mean things won't change for the seller in 30 days, 2 weeks ... don't get hung up on one deal ... if you still want to pursue the deal, do what Michael said ... still put offers in on other properties"
and Mike:
... was it your best offer? If so, move on and perhaps keep an eye on it for later ... If it WASN'T your best offer and you really think it's a good deal - make another offer.
My advice: If it was your best offer, let them know that your offer is good for 30 days. Move on to the next property. (If they come back to you after 30 days, reduce your offer! )
Maybe a good deal maybe not. Don't dwell on it. Too many properties out there being neglected/overlooked!
Every two weeks. One question? Do you have your own funds or some kind of private money lined up to do a double closing or are you holding it yourself? You cannot assign an reo. Do you have an end buyer?
"In order for me to think outside the box, that would require me to acknowledge that the box actually exists. In my world, there is no box."
~Matt Larson~
we really wouldn't call it "assigning" on REO's but technically yes you CAN do it there are just certain techniques you have to apply to make it happen! But like I said we won't call it assigning (cough cough) LOL!
__________________
You gain strength, courage, and confidence by every experience in which you stop and look fear in the face. Do things you think you cannot do. Tough times never last, but tough people do.
we really wouldn't call it "assigning" on REO's but technically yes you CAN do it there are just certain techniques you have to apply to make it happen! But like I said we won't call it assigning (cough cough) LOL!
True I know What your talking about Cause I was going to do it when I was trying to get Shortsales in FL ,& No usually the Banks will not allow A "Assignment Clause" so theres Another technique that you can do & get it over to another buyer without having to do a "Assignment" ( Coughs) Its a little Secret we Know .
Offline
I am sure your offer was based on actual comps, minus repairs and the profit needed by you. So you have made your best offer already right?
Go on to the next one and re submit your offer in 30 days, you never know!
Good luck,
Michael Mangham
MD Home Acquisitions
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
i agree with Michael. just because it is rejected doesn't mean things won't change for the seller in 30 days, 2 weeks, whatever. but, don't get hung up on one deal. there are plenty out there. if you still want to pursue the deal, do what Michael said and still put offers in on other properties.
Linda, Army EOD Mom
you can follow my journal at http://www.deangraziosi.com/real-estate-forums/investing-journals/45351/...
IT'S ALL GOOD AND EVERYTHING IS WORKING OUT PERFECTLY FOR ME!
Fear equals:
False
Evidence
Appearing
Real
What do you do when a offer is rejected on a REO vs
getting a counter offer?
Thanks,
Eric
If I may ask, how did you go about submitting your offer? Haven't done one yet and was curious if you spoke to the bank directly or if you did it through an agent and if it was email, verbally, or written up.
Roland Ochoa
For example, the house that we live in right now...when I made my first offer on the house I really "low-balled" the price.
Response? NONE. No counter offer which means, REJECTED!
What did I do?
I went ahead and told my realtor to make another offer and it was accepted.
So...as has been asked - was it your best offer? If so, move on and perhaps keep an eye on it for later. You never know.
If it WASN'T your best offer and you really think it's a good deal - make another offer.
Just my thoughts.
Mike
"Make it an AWESOME day! (Who else is going to do it for you?)" - Mike Spillman
"As long as there is breath there is hope!" - Mike Spillman
As far as submiting the offer I used a agent from the listing broker.
I gave a them a proof of funds letter & made the offer contengent on my inspection of the home.
I agree with Michael:
"I am sure your offer was based on actual comps, minus repairs and the profit needed by you. So you have made your best offer already right?
Go on to the next one and re submit your offer in 30 days, you never know!"
and Linda:
".... just because it is rejected doesn't mean things won't change for the seller in 30 days, 2 weeks ... don't get hung up on one deal ... if you still want to pursue the deal, do what Michael said ... still put offers in on other properties"
and Mike:
... was it your best offer? If so, move on and perhaps keep an eye on it for later ... If it WASN'T your best offer and you really think it's a good deal - make another offer.
My advice: If it was your best offer, let them know that your offer is good for 30 days. Move on to the next property. (If they come back to you after 30 days, reduce your offer!
)
Maybe a good deal maybe not. Don't dwell on it. Too many properties out there being neglected/overlooked!
Angela
Every two weeks. One question? Do you have your own funds or some kind of private money lined up to do a double closing or are you holding it yourself? You cannot assign an reo. Do you have an end buyer?
Click Here To Buy Deans New Book!!! http://www.lanemccaw.bookimentioned.com/b/
Visit my website:http://qchomebuyers.weebly.com/
Visit My Facebook Page: http://www.facebook.com/#!/qchomebuyer
Visit My Linkedin Page: http://www.linkedin.com/pub/the-1-fast-ca-h-home-buyer-in-the-qc/28/b79/...
"In order for me to think outside the box, that would require me to acknowledge that the box actually exists. In my world, there is no box."
~Matt Larson~
we really wouldn't call it "assigning" on REO's but technically yes you CAN do it there are just certain techniques you have to apply to make it happen! But like I said we won't call it assigning (cough cough) LOL!
You gain strength, courage, and confidence by every experience in which you stop and look fear in the face. Do things you think you cannot do. Tough times never last, but tough people do.
See Where The Journey Never Ends At: http://www.deangraziosi.com/real-estate-forums/investing-journals/69250/...
Chase Brooks
www.brooks-investments.com
True I know What your talking about Cause I was going to do it when I was trying to get Shortsales in FL ,& No usually the Banks will not allow A "Assignment Clause" so theres Another technique that you can do & get it over to another buyer without having to do a "Assignment" ( Coughs) Its a little Secret we Know .