Submitting a reo property offer.?

Question

i went to see a property yesterday in the sacramento, ca area. the price the bank pay for it was 280000 dollars. in the last 4 months or so the they have been dropping the price every two weeks and it has gone down from 235000 to 162000 as of 7/23/08. its a premanufacture on a 0.89 acre outside the city. it needs work but i can take care of that and is no too bad damage. good place to live in is you like space and no neighbors.

listed by remax and the realtor i talked to is 21st century.

my question is: the realtor i talked said that the bank (usb) would only take one offer and that would be my final offer. sound a little bit crazy to me and i feel thats new tatics they're using to get customer to commit or get more real offers.

i really like this house and dont want to loose it by going to low. i was shooting for at list 10% off.

any input guys. what should i offer and is the infor about 1 and final offer true?

Answer 1

Your agent might be quite correct, if that is what the listing agent told him.  Do remember that USB has loaned $280K for the place and is prepared already to take a $118K loss on their loan.

USB may have instructed the listing agent to inform all potential bidders that this is how USB will handle this property.  If the property is now very attractively priced, you might see the final accepted offer somewhat ABOVE $162K.

It's your call to make.

Answer 2

At these low prices banks are getting multiple offers.  That is why you can only make one offer, and yours will need to be overall the best to get the property.  It might be tactics by the bank, but they can do what they want.  You could ask your agent but if you get your financing through the bank they will also have your business there and may take your offer because of this.