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Updated about 13 years ago,

User Stats

54
Posts
13
Votes
Mickey Harrison
  • Real Estate Investor
  • New Orleans, LA
13
Votes |
54
Posts

Is this offer realistic for a REO?

Mickey Harrison
  • Real Estate Investor
  • New Orleans, LA
Posted

So I've never bought a REO but there's one that's been for sale for about 3-4 months where I recently purchased a SFH rental.

The REO
Listed @ 90k
according to records this is what seller owed when foreclosed on. (i looked them up myself)

My property
Purchased in Sept for 62.5k

The REO is similar to mine but from what I can see the exterior it's not as well kept -it's wood/vinyl siding looks dingy- I have stucco holding color well.
-The roof is a 20yr & looks old - I have 35yr that's 6 years old

I haven't had a chance to see the inside since the REO agent hasn't called me back.

*My Thoughts*
I Def don't think the house is worth 90k since I paid 62.5. I was thinking about making an all cash offer of 30-35k considering the exterior and fig the asset manager might be motivated since it's end of year. The offer would be contingent on inspections of course.

For the REO buyers out there is this offer even worth making or would it just be laughed at? what would you consider doing?

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