REO deals by 12/31?

[Bob Hines]

I read an article that quoted an un-named source saying that GE Capital is trying to get as much money by 12/31 as possible-even giving salespeople incentives to talk customers into refinancing to another company or close accounts--in stark contrast to how they've been trained to get people to borrow more in recent years.

Regardless if it's 100% true or not, I'm wondering if banks would be willing to accept less for REOs if an investor can close the deal by the end of the year and the bank can report cash on hand and 1 less REO?

Has anybody seen or heard of banks being more willing to accept lower offers on REO recently? It might be sinking in more as the year end approaches so it's probably in recent offers-not 2-3 month ago offers.

We're running the numbers and looking at making low offers on 3 REOs soon. I'm thinking we'll figure the numbers for our 'normal' low offer (15%-20% less than already lowered price) and then knock it down a couple thousand more to see if they accept with a closing date of 12/29 or so. I'll let you know how our experiences go.