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Updated over 9 years ago, 08/12/2015

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57
Posts
22
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Tamara Taylor
  • Ayer, MA
22
Votes |
57
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Negotiating 1st deal on REO

Tamara Taylor
  • Ayer, MA
Posted

I'm currently negotiating with a bank on an REO. It's been on the market since April. The asking price is $75k. I offered $63k and included a list of repairs which total $52k. After a week they countered with $74k. I countered again at $67k. They came back with $72k. I don't want to pay more than $70k. Do I push the bank more with another counter offer or ask them to pay for 1/2 closing costs? That would put me at $70k and they'll have $72k on their books as the selling price. Seems like the latter would be a win win. Does this make sense? Or am I being naive?

Thanks for your help!

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15,523
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JD Martin
Property Manager
Pro Member
  • Rock Star Extraordinaire
  • Northeast, TN
15,523
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9,677
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JD Martin
Property Manager
Pro Member
  • Rock Star Extraordinaire
  • Northeast, TN
ModeratorReplied

Sounds like a reasonable approach to me :) 

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