My Negotiation on a REO

[Philip Coiro]

Rookie RE Investor here and I wanted to share with you my current negotiations on what would be my first deal. This is a out of market REO property that I actually have not seen in person. I'll post for everyone the full story on finding the property and how it's going should we get it.

It’s a 1,494 sq ft 3 bed 2 bath that’s been listed for just over 50 days and all offers and counteroffers are through the banks interface, so there’s no human interaction for any of this which is a little unfortunate. 

List Price: $89,900

Offer: $70,000 Cash / No Contingencies 

Counter $87,900

Counter $71,373

Counter $85,900

Counter $72,353

Counter $80,000

Counter $73,319

Counter $78,500

Counter $73,975

Counter $77,900

Counter $74,495

Counter $76,250

My last Counter $74,865 and now we’ve been silent for the last 48 hours...

They either hate me or are trying to wait and see if I’ll balk and offer more but we’re less than $1,400 apart now! Hopefully they want this house off their books before the month ends.