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Updated over 17 years ago,
New Investor
I am so glad I found this forum. I am new to investing in real estate and found out about REOs from a neighbor who is paid by banks to get them into selling condition if need be.
I have been searching for REOs in my local area (Austin, TX) and have found some "good deals" comparing listing price to other houses selling in the area with same square footage and general characteristics. My biggest question is how flexible are banks on taking lower than list offers. Is offering 10-15% lower that list price a good idea, or will they automatically reject it? If the 10-15% less meets the total they have in the property wouldn't they accept that?
I would be comming in with cash and be doing small upgrades on nicer homes to cell for a 10-30K profit after commissions and all costs. I'm not looking to blow up my bank account. Or do this for a living.
Thanks in advance to anyone who can offer any guidance
RCS