making offers on reos?

[Tony Zamberlin]

i've been told that on reo's banks normally don't take less than 20% of asking price and its a waste of time to go out and offer half of list or below even if the property has been sitting for 5 months to a year or more. is this a good rule to follow?

[J Scott]

In my experience, and like Steve said, listing agents generally want a full P&S agreement, and often times will ask for a specific P&S that already has certain items filled in and certain stipulations attached.

While I've VERY OCCASIONALLY gotten listing agents to accept a verbal offer (on properties that have been on the market for a long time), I don't know many listing agents who will generally submit an offer to the buyer on anything other than their standard P&S.

One piece of advice: For my offers, 95% of the offer is the same for every one (closing costs, due diligence, stipulations, material relationship disclosure, etc), so I have a saved copy of the P&S and I just change a couple numbers on each contract before I submit it (specifically, the purchase price and the earnest money amount).

In fact, I even have a blank check that I copy and fill in right on the copy as my POF. So, I don't even have to waste more than one check on a POF for all my offers.

Generally, I can write up and submit an offer in about 5 minutes...

[Tony Zamberlin]

Mr. Scott,
Email me at [EMAIL REMOVED] please. got a specific deal in greenville, sc. to ask your advice on.

[Cliff Rosa]

Great topic, learned some good stuff.

[Doug Haisten]

Cliff, in your avatar, is that a closing aid?