Will a lender negotiate the price of an REO?
The price keeps dropping, $15K a month ago and now another $8K. Does this mean the bank is eager to get rid of it? I’ve heard banks will not waste time negotiating and that’s why they drop the price so much. The agent said they will not negotiate much, but this is also the bank’s agent.
The best way to get a deal on an REO is to come in with cash. If the seller knows you have funds to close and can do so quickly, they are much more likely to cut the price. Good luck!
