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Updated over 9 years ago,

User Stats

161
Posts
24
Votes
Jeff Caravalho
  • Property Manager
  • Sacramento, CA
24
Votes |
161
Posts

Can't get keys for REO, can't run numbers for rehab

Jeff Caravalho
  • Property Manager
  • Sacramento, CA
Posted

Hello BP,

I'm trying to look at my first REO, but can't work my numbers because the agent is getting static from the seller. Here is what she emailed regarding this:

I am going to give you my best advise.... If you are at all interested, you can submit an offer subject to a visual inspection of the Home, due to the lack of being able to look prior to submitting an offer.

This way it can give you a chance to get it off the Market and investigate the property/home so no other Buyer can get it. The Property will be contingent upon the Banks acceptance of your offer. At this price it will be a great deal for you. It can become a great rental, you can flip it or live in it yourself with equity after you make the repairs.

I hate the fact the the Seller is not cooperating with the showings, but eventually she will have to. Please advise as I did not want to leave you hanging.

My question is do I take her advice and submit a full offer just to tie it up?  Then have a contractor come in and pick the place apart and tell the bank we'll need to lower our offer because of all of the work that needs to be done to it (it's a fixer).  

Also, do you think this agent is working in my best interest?  Should I use her to make the offer (currently don't have an agent).

Thanks for the advice!

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