Has anyone been asked by a buyer how much did you offer the bank?

[Drenda Holmes]

Ok I don't know maybe its me but on a deal I had the other day a potential buyer asked me what did I offer the bank on my REO. I said to him I didn't feel comfortable telling him that. His response was it is on the HUD1. Ok I realize that but it sounded like to me he was either going to base his offer on what I would tell him or he was going to try and go around me. What do you think and what can or should I say if this happens again. And by the way he is not the first to ask me that. Thanks for any input you can offer :D

[Jim Wineinger]

I have not had this happen, but I would think that the more important question is "what would you pay for such a property? You should not be able to see that HUD1 until you make an offer that is acceptable and we start the purchase contract. In the meantime since you dont seem to be interested I will be entertaining other offers. If yours is best then you may see how good my negotiating skills are and that I can be a good source of deals for you."

By the time they can find out that information (if they can) you will have already purchased the property or decided to back out giving them a chance. Keep control of the deal. Dont let them back you out of it, or talk you down. Be prepared to go to your backup buyer(s).