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02-21-2008, 11:19 AM #1
Renter
- Join Date
- Feb 2008
- Posts
- 1
Making offers
I am new to these forums. I have a question about making offers on houses. I am looking in area of Corona CA. This area has been hit real hard with the foreclosure problem. Tons of REO homes are being sold here. Some of the blocks have 5-6 homes for sale. My question here is where would people start the offer at on these homes. Like 10
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02-21-2008, 03:46 PM #2
Mansion
- Join Date
- Nov 2006
- Posts
- 1,232
It's very easy. There are 5 or 6 deals per block, huh?
Go to the first: asking is $300K -> offer $150K and see what happens.
The answer is "NO WAY"...
Move to the second: asking $250K -> offer $125K and see what happens.
The answer is "NO W....
Until the answer is "YES, OK, I HAVE NO CHOICE"...
And you just make a great deal....
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02-23-2008, 06:49 AM #3
Condominium
- Join Date
- Feb 2008
- Location
- Tampa, FL
- Posts
- 234
I disagree with Cody, REO means Real Estate Owned - that means the bank already owns it! They have done their homework, they know what they need to make on the property and they probably won't sell it at half the list price.
Do your homework. If this is going to be your home there are other things to consider besides price.
If all you are doing is buying up "deals" to flip, look for short sales, preforeclosures and motivated sellers (these are before they become REO). Then I guess taking Cody's approach won't hurt. I just wouldn't offer half the list price, I think you wouldn't be taken serious.Search the Tampa Florida Real Estate MLS
Tampa Florida Real Estate
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