Are banks all just waiting?? 21 posts by 9 users

Posted: 09/28/2008 at 11:48AM

I'm waiting on an answer on an REO offer for 6 days now. Supposedly I'll know tomorrow. I'm just wondering if these banks are all just waiting to see what Congress is planning or if things are business as usual on existing inventory? Seems like everything has just stopped dead - even the realtors aren't calling this past week.

Posted: 09/28/2008 at 06:30PM

Good luck tomorrow. I've made 3 offers to Wells Fargo and the first 2 times (this Spring) it took 5 days and my most recent offer just last week, I heard within 24 hours. They're still in no mood to negotiate.

Posted: 09/30/2008 at 10:43AM

on REO i bought my bid was 4% over asking ( all cash) - property was listed for three days and there were 17 ( seventeen offers)........ but it was one year ago
ps I live in this house :)

Posted: 09/30/2008 at 11:45AM

ingrid , just screw them banks and pay cash for that goddamn REO......yeah right ;)

p.s. now, seriously - your name point at Hungarian roots , so we are like cousins ( you know, that proverb ..." lengyel-magyar.......")

Posted: 09/30/2008 at 11:50AM

if you are paying cash ( just like me one year ago) - then why worry ? you are in a privileged position right now

ps Ingrid I will tell you one more thing : the best investment right now is to be DEBT FREE ( if you know what i mean )

Posted: 10/01/2008 at 05:40PM

Thanks Stefani. I sort of figured that.

Krzy, I'm with you on paying cash if you can. In my instance I want to buy this one for retirement later and don't want to deal with the mortgage hassle. That however is the only reason. My dad, just like you, always said if you can't pay cash don't buy it. A majority of the people today can't do that. (PS - Czech by birth; Hungarian by marriage and divorced by choice) :)

Although I respect both your opinion and that of my dad, I do disagree to an extent. My primary residence is not paid for. I have 54 apts of which only 10 are fully paid for. The rest are financed. If I invest in r.e. the way my dad did, he saved up and bought 2 houses in his lifetime, fully paid for of course. Would I have had the same ability to acquire that paying cash for each individual one based upon my full-time salary and living frugally. This is how I present it to my dad when we argue :)

Posted: 10/09/2008 at 09:38AM

Going to make my first offer to Well Fargo on a place I would like to live in. They have it listed almost double of what is owed, 56% more to be exact. I was going to offer cash, about $10K over what is owed. Thoughts? I guess I am dreaming..LOL. It took them almost 2 months to even get a price on the darn thing. Anyone have success with lower then asking prices with Wells? Thanks for letting me vent.

Posted: 10/09/2008 at 07:02PM

another thing I forgot to mention is that my offer to was all cash. I think today the banks just want the best price and don't care whether its financed or paid outright.

Posted: 10/10/2008 at 07:30PM

The asset managers are overworked and underbrained, these things take both patience and persistence! Hang in there and ask every day!

Posted: 10/11/2008 at 07:08AM

Jean,
I've been trying to purchase a home from Wells Fargo/PAS since April. It took forever for them to put a price on this house too. They started asking what was owed -- $840K Which was a joke since there are 32 houses for sale in this neighborhood where home values have tanked. They are now down to $689K. We're $40K away from their price and they still aren't taking it! They countered $3,000 below their ask. What a joke! I've moved on. They can sit on the house for another year. BTW, I'm the only buyer they've had on the house since they listed it. I'm now pursuing a home in the same neighborhood owned by UB&T. I put an offer in on Thursday and waiting for a response. With my offer, I have included a long letter cluing them in on what's happening here, photos of the condition of the house as well as the current CMAs. Maybe they will see the light.