REO For Personal Residence

[Rod Wiggins]

I'm looing to purchase a REO property for my personal residence. The listing agent is asking $259k for the property. The property needs repairs, but nothing too major. I found the deed from the courthouse sale, and it shows the house being sold for $50k. I want to offer $100k, but from talking to the listing agent, the bank wont even look at that offer. Listing agent said that the bank has rejected offers at listing price and higher because the buyer wanted them to make the repairs. (Dont believe that one). I want to officially make the offer, because the most they can tell me is 'no'. Should I move my offer up? Can I/Should I make an offer with the bank? How will financing play a part? (I am pre-approved for $200k)

[Jeffrey K.]

Not worth the time. They will not deal with you because it is listed. Make your offer through the listing agent and make it for the most you are willing to pay. Do not ask for any repairs. Also, it this place in good enough shape to get a loan? Most REOs that dont sell at retail are all cash deals because of condition. This is what drive the price down and the bar to enter higher.