REO inspection

[Jeffrey K.]

For those of you who buy less than five REO's in a year, do you ask for more money back after inspection even if you knew the problems going into it?

I have the problem that some banks just wont come down in price anymore. I offered 10k too much on my last deal (209k building). I asked for 20k back after inspection. They ended up giving me 10k. I know I should not count on this, but does anyone else do this?

I understand that you could get a reputation for doing this with an asset manager (not good), but since I dont buy more than five in a year is this a reasonable strat?

[Will Barnard]

I don't think it matters if you buy less than or more than 5 each year, it all depends on HOW you buy.

SAounds to me like you are buying off the MLS, correct? If so, it certainly does not hurt to ask for credits back, I have.

That said, I buy BEFORE the MLS and thus, my all cash offer is at the BPO approved price and can not be less and would not be more.
I have had occurances where after that, a problem arose and I did get a credit back as I told them they could either give me a credit or fix the problem themselves. I sent in three bids through my brojker and they always come back with the credit rather than do it themselves.