All Forum Posts by: Melissa G.

Good luck tomorrow. I've made 3 offers to Wells Fargo and the first 2 times (this Spring) it took 5 days and my most recent offer just last week, I heard within 24 hours. They're still in no mood to negotiate.

I'm wondering if any forum mates have had experience doing business with Wells Fargo/PAS and BB&T.

I have been trying to purchase a particular house from PAS for some time now and it seems to me that they're not really interesting in selling their REOs. I thought banks were supposed to want to unload these homes? My most recent offer was 641K and their ask price is 720K. They countered with 715K :roll: The house was foreclosed on in November '07 and went on the market in April. The market in this neighborhood has tanked over the past year and current retail home prices are around 720K. Where's the foreclosure deal? And we're not talking about a house that is in move-in condition. The story is about with BB&T.

You'd think the fact that there are 32 comparable homes for sale in the same neighborhood would clue them in on the market and they would be more reasonable. How do they expect to sell their homes in this kind of market?

Rob,
This is what I'm afraid of. Believe me, if there was another house on the market I was interested in I would easily walk away from this house -- and if I find something better in the meantime, I will. Until then I remain frustrated.

The REO I want to buy has been vacant since November without heat or a/c. Do you think that mold could be an issue now? Originally we submitted our offer we had no contingencies, but now I'm thinking we should do a mold inspection with our next offer. What do you think?

Thanks for the reply. The bank's realtor has done all this and they still haven't budged. She's terribly frustrated b/c the assest manager doesn't return her calls (or this is what she tells us). She says she knows she can't sell the house at the list price and has asked for a $120,000 price reduction. She's still waiting for an answer for a couple of weeks now. The house has been on the market for nearly 2 months and they've had no offers other than ours.

Not sure what your few questions are, but if you think this is a house you'll be happy living in, why not give it a try.

I have been waiting months for a home to make it to the REO market. It finally did in early June. Before it was listed, the listing agent said she expected it to be listed is the 600k range. However, after it was appraised it was listed for $840K! The agent and myself were shocked to see that they had listed it for the same price as every other house in the neighborhood. Keep in mind that the other houses are in move-in condition and even they haven't sold. There are 23 properties currently for sale (not including the lots) and many have been on the market for a year or two. The market has dropped dramatically here. Only 2 houses have sold this year. We would have thought the appraiser would have taken that into consideration.

Last week, the LA submitted a request for a $120K price reduction. She's still waiting for a response. She says she only has an email and not a go-to person to speak with.

What I really don't understand is that we've made 2 offers and on the 2nd offer they countered higher than the first! What's up with that!? :badwords: We are the only offers they've had.

Could someone please offer me some insight on this process. How can we cut to the chase and get this deal done for a price that is reasonable to the home's condition and current market value? :roll:

FYI We're buying this home for our family, not a flip.

I have seen all the other homes and they are in beautiful shape Ihad hoped that the bank would rather sell it for less than hold on to it, but perhaps than won't be the case. I guess it won't hurt to try.

The reason I'm interested in the house is because we love the neighborhood. We can't afford the other houses listed. This foreclosure is our best hope. The condition of the house is not a concern to me. I would care less about the condition of the house if the price reflected it. If we get the house at a fair price, I have no problem getting on my hands and knees to clean it and we would upgrade the finishes.

I will keep your letter writing recommendations in mind. Thank you.

The house my husband and I have been waiting months for finally came on the market. Unfortunately, it's listed 200k more than the listing agent said it would be listed for. I don't think there will be many standing in line to buy the house at the listed price -- if any at all. There are over 25 house listed for sale in this particular community all at nearly the same price and none of those have sold. This particular neighborhood did very well during the real estate boom and the developers did a great job convincing buyers the homes were worth well more than they actually are. And now nothing is moving. I think it was a mistake for the bank to list it as high as the other properties for sale as this house has sat vacant since January with no climate control and it has suffered. Since viewing the property, I was shocked to see such poor finishes in a house that is supposedly worth over 800k. The carpets are filthy, the fridge is full of mold. The panes on the windows have all warped and need to be replaced and the house stinks. I'm certain the bank doesn't know or perhaps care about the condition of the house. The condition would be acceptable if the price reflected it, but it doesn't.

My question is, do you think it would be worth enclosing a letter to the bank with our low offer (contingency free) explaining all of the above? We are only planning on submitting an offer if they don't get anything else in the first week.