GMAC REOs

[Jamie Matheny]

Does anybody have experience with putting in offers to an REO owned by GMAC?

I have found a property that really catches my eye. It is priced at $29,900 and needs around 25-35k in repairs. I'm waiting on comps back from a broker, but I believe the ARV is anywhere from 90k on the low end and 105k on the high end. It is also in a very good neighborhood.

I want to make an offer that won't scare the bank off, but still get a great deal on the property. In doing some research in REO offer threads, I recall reading that a lot of investors have gotten properties under contract for around 67% of list price. Do you all think an offer in the 20-22k range is too low? Have any of y'all purchased GMAC REOs before? If so could you outline what the process was from first offer to coming up with an agreement.

I would hate to put in an offer at that price point and tick off the listing broker, which would take me out of play for this opportunity. Any advice would be greatly appreciated!!

[Jamie Matheny]

I just spoke with the listing agent and the bank already accepted an offer to work with. They had 16 offers come in on the property throughout the past weekend and this week. I wouldn't at all be surprised if the listing gets sold for more than the listing price. The lesson learned here is to take action faster.