REO vets, is 40 cent offer more based on DOM or slight uptick in recent comp sales?

[David Breitzmann]

Hey everyone,

This is strictly educational. There is a REO property here in Augusta GA listed at 72 cents. Tax assessor website shows it's been Bank owned more than 180 days.

If the goal is 50 cents the offer would initially be 40 so there's negotiating room. Will a bank be willing to reduce inventory based solely on DOM or will an upturning neighborhood serve as motive to hold out?

I realize dozens of offers usually have to be placed before one with the right criteria is purchased. Is it a better use of time to just contract, once at that stage, with a REO specializing buyers agent and map out the criteria so multiple offers can be put out? The contract addendum would specify a 30 day due dilligence and if one deal closes the other can be scrapped. The EMD is always returned in full in those cases?

I love this stuff and thanks in advance.