Please list your REO offers accepted

[Marian Smith]

This is kind of a duplicate of an earlier post. I hope others will share. My properties were in Williamson County Texas which has a fairly high foreclosure rate considering how well Texas has been weathering the recession.

My last deal:
Duetsche Bank Jan 2011
Original list 99k
List 89k
DOM 90+
Bid 74, Bank countered 79,
agreed on 77 but negotiated 10k off because slab sloped so 67k, 10k in fix up (didn't fix slab as minor) and rented for 1000 month

Deal 2 July 2010
HUD list 160k, bid 139k the first day it went to investor bid and was the only bid. (8k Tax credit had expired) Bid accepted. $300 fix up and rented for 1175 per month--in 10 days. Currently rented for 1325. 15 year note with Chase at 4.5% with 25% down.

I want to hear about some low offers that got accepted!!

[Jim S]

Closing today on a property that is in pretty good shape compared to what I normally see and buy. It started at $300,000 which was wishful thinking on the banks part. The arv is around $350,000. After 30 DOM they dropped the list price to 275 and then to 255. I offered 235. The banks realtor came back and said the lowest the bank would ever go was 245. He stated the bank would rather sit on it. I held firm at 235. Got a call 2 weeks later asking me to resubmit my offer for $235,000. House needs $35,000-$40,000. House already has new windows, nice landscaping and a new roof. The old owner took care of the place. We start work on it this Friday.