Welcome to "SpeedyNogales", whose question deserved a little better exposure than the bottom of the "Submit ideas" thread.
We’ve heard all kinds of stories about the wonderful world of REOs. Here’s Speedy’s experience and question:
Let’s talk about stupid realtors and greedy banks.
I put an offer on a home in Rovey Farms that listed for $329,000.00, my offer was for $229,000.00. The home was missing all the appliances, granite counter tops, and needed paint. The tile had been removed, and the carpet had motor oil poured all over it. It also had two broken very large windows, and a green pool.
My agent had the gall to tell me I should have offered more as the bank informed me my offer was too low! Surely the bank didn’t expect me to pay their full asking price for a home that had been vandalized and needed lots of work, or did they? So, I countered with a full price offer and requested they fix all the above issues. Again I was turned down. Their logic was that if they had to fix everthing I asked for plus pay closing costs and that hidden $3,000.00 buyers agent bonus, they’d lose even more money.
So I ask anyone out there, where is the happy medium to get the house I want? What is it I am missing here, or what are they not telling me, or is my agent just not aggressive enough to pull the deal off, or is the bank too stupid to realize that my offer at $229,000.00 was a good deal for all concerned, as was my offer at $329,000.00. What’s the solution here, any suggestions?…I am obviously at a loss.