All Forum Posts by: Michael Bass

Thanks for the replies. The "Buyers" agent was assigned because I did not have one when I called the selling agent. She tried the multiple offers, highest and best game without knowing I was aware of the 191 houses on the market in this subdivision. I called her bluff and told her to take her other offers and call if something fell through. I got in touch with a buddy of mine who now has his RE license and he will be my new buyers agent since I basically fired the agent giving me the run around. He has agreed that since I did the research, found the property, tax values, comps etc, that he will give me half of the commission back. I'm waiting to see if the property drops in price because its been 36 DOM with no movement. Also I did find out I have 7 days after offer accepted to have inspected and 7 more days to declare offer void. Pretty much a win/win. House is only 7 years old and looks to be in great shape. Thanks again for the advice. If anyone can think of anything else I appreciate it.

I'm considering an offer on an REO that has no contingencies. If my offer is accepted without earnest money, does the offer become binding? I'm in the middle of another deal that I'm not sure is going through and if it doesn't, I don't want to be tied up in this deal.

Thanks

I've been reading this forum a lot lately and have found some great information. Thanks to everyone for your insight, honest brutality, and gift of helping others.

That said, I'm finally looking at my first REO.
ARV around $280
Asking $230
Foreclosed on $215
Opening offer $170
Hoping for $195

This bank only does no contingencies, so I need to know what to look out for up front. I haven't read too much about that. Also, is this bid too high or low? House next door sold in August for $291. Important to know this will be our personal residence as we're doing our current home as a lease option.

Thanks

Our market has been pounded in the last few months with record foreclosures. I'm sure these REO's are moving somewhere. Is anyone having success with offers through asset management? I'm looking to start moving a few of these a year, but can't go bulk as I'm not full time. Has anyone picked up deals in ATL better than 85-90% of auction price?

Thanks