OfflineOnce you’ve done your homework in determining that the REO is a good prospect in terms of location, rental market, and so on, and you determined the costs to bring it into rentable shape or sell you need to determine what you’re going to offer the lender. Keep in mind that everything in real estate, especially pertaining to REOs is negotiable. The lender may have set a price, but you don’t have to pay it. You can make a lower offer, or you can ask for favorable terms.
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Thansk for the insight and the information. It is so true that most lenders today are very flexible on price and/or terms. Sometimes you never know what you may get if you do not ask. So start off low with an offer and go from there. Believe and Achieve!
- Joe
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