Bring All Offers!
While there is a fine line between wasting your time and ours when writing low ball offers on properties, the truth is that offers do help the REO Agent get price reductions! You see, every 30 days we must complete a Monthly Marketing Report and report in how many showings and offers were submitted on a listing and what they were. If a house has no offers, there are formulas that the Asset Managers follow in their reductions.
If on the other hand we are seeing offers coming in on listings we have an indication of what the market will bare. We have a barometer to measure what the market is telling us is the value of that property. So you may not get the house at your low price offer, but you are helping the agent get a reduction of price on the house and eventually…who knows….it might come into your range….hang in there!
Wishing you sunshine,
Mid Florida Foreclosure