All Forum Posts by: W L

Uugh. I got the response today. They countered with asking (259k).

I don't get this- over 500 dom. It is owned by wells fargo, but it isn't listed on the pasreo site (pasreo claims no knowledge of the property at all) . I think it is actually owned by the bank and not the mortgage division.

Anway- listing agent says they have had over 30 offers (most recent 2 weeks ago) and each time the counter has been asking.

Public trustee says wells paid 245 in July 2008 (for some reason it is shown as "closed" and I couldn't find it searching the site)

Honestly, I think 228k was a reasonable offer, and I can't imagine why they aren't negotiating on this house.
I'd probably pay up to 240 at higest- is it worth it to counter with 234? Or will they most likely come back at asking?

Does this scenario happen often- bank holding on to a house and rejecting over 30 offers (probably many reasonable)?

Also- my back-up is a tiny tiny freddie mac house in another neighborhood- 130 dom asking 160 with a 5k price reduction a month ago. Is 148k a reasonable offer or should I go a little higher?

Thank you for all of your advice- I've enjoyed reading these forums for the last few years!

I coudn't be wrong, but my impression is that you need to be under contract by April 30 and close by June 30 for the tax credit (not close by 4/30) Good luck!

Thank you all-
Jerry- I am using the 245k estimate as the price I think it would sell if it were listed more reasonably in its current condition- it might be more like 240k.
There is nothing comparable right now that is in decent condition for that price.

So- I think I will offer 228k this afternoon, not bring up the furnace unless under contract, and at that point give replacement and asbestos abatement estimates (probably 12-18k)

Even if the gravity system is functional (they never seem to break- but they are obviusly not recommended) is it reasonable for me to submit approx 15k for the removal/replacement and think that wells will consider crediting me for it?

I know I'm getting ahead of myself- and that reos can be hearbreaking- but I think 228 is a reasonable offer on 259 asking being that it's been sitting for 1.5 years and I'm expecting them to counter

But to be sure- I should wait to bring up the gravity furnace/ asbestos removal until inspection (even if it's still functioning)?

Thanks.

Thank you both- I'd estimate actual value around 245.
Old plumbing is my other concern...

If I were to ask for furnace replacement- should I put it into the initial offer or wait for an inspection and ask then?

I'm hesitant to do a 203k (I looked at this for another place) because of additional premium and pmi.

Thanks again- any and all help is appreciated!

Hi,
Not an investor, but thought that you all being pros- might have some advice.

Interested in a property listed at 260K (relisted 100 days ago and description states 75k price reduction- but not sure if this is accurate)

According to title Wells Fargo has owned since Oct 2008
can't find trustee record so don't know how much wells put out for it when foreclosed

Last owner paid 310 in 2006

Its been shown A LOT (millions of cards on kitchen counter) but has been sitting for a long time (don't know total dom- but most likely 12-16 months) This is most likely due to a monster gravity heat system.

I'd like to offer around 230k ish (about 11-12% off current asking) and ask for replacement or credit for furnace replacement. (I suspect this will be upwards of 10k)

Is it likely/unlikely this will be accepted? (I've heard from a friend that Wells can be more difficult about low offers- true or no?)
Any thoughts appreciated- Thanks!

Thanks for sharing.

It sounds like everything has gone the right way.

Thank you for the specifics about Freddie. I'm curious about their procedures, it seems to me that their properties tend to sit longer than other reos. I'm interested in one of their properties, but am hesitant because I suspect their flexibility after the 90 day mark isn't the same as a bank. I don't know though, any idea?

Again, congratulations.

I read in the newspaper recently that when there are a few competitive offers on an reo with offer amounts in the same range that banks are inclined to sometimes go with the longest time period in which to close because their wheels turn so slowly. Does this ring true?

Also, I have been given conflicting answers to this question- if I submit an offer that includes dates for inspection, do I need to specifically state that the offer is contingent on inspection to get earnest money back if I don't like the inspection? My agent said that if I specifically outlined the contingency that it would raise red flags and that just including the dates of inspection is enough to reject the contract and walk away with earnest money if the inspection is a mess.
Thanks in advance

I've had the flu, and haven't had the opportunity to approach the owners.
I really appreciate the advice.

I would like to preface with a thank you for the patience of anyone who might be reading this.
I am a 1st time buyer, and am interested in a house that will be sold at the public trustee's auction very soon. I am wondering if it will be worth the effort to try to contact the homeowner seeing that the auction is scheduled in 20 days, and the intent to cure must be filed 15 days before the auction. I guess my question is very specific to my state, Co, and I am wondering if the only way to postpone the sale is to file an intent to cure, or if the sale can be continued in another way, so that there could be time to negotiate with the owner. This is all given that the homeowner responds and that there aren't other liens, of course.
Thanks.