Experienced Realtors and Property Investors encouraged to reply.

Regardless each bidder’s financial condition (down payment amount/ excellent credit score/ contengencies…)?
For example:
Bank’s target price is $350K. Two offers received from two possible buyers.

Buyer A: Offer $352K, 5% down, credit score good 750.

Buyer B: Offer $350K, 20% down, credit score Excellent 803.

Which one would be in favor of by the bank?

I quote as follow:

“Just Reduced $20,000! ! ! Sold AS-IS – lender will NOT make ANY repairs! ! ! REO – Lender Owned Property. Sold As Is, Where Is, And With All Its’ Faults. No Warranties Extressed Or Implied!”

My understanding is that profits made at auction are passed on to the initial homeowner/borrower. Does this apply if the house does not sell at auction, becomes officially bank property, and sells, say, years later? I hear a 1099 can be issued for the loss if there is a short-sale of a REO. So does a double standard exist here?

Banks (REO sellers) only care about the bottom line (ie the final number). They don’t care about other factors such as buyer’s FICO scores (750 or 800), down payment amount (20% or 40%), or it’s the 2nd highest bid.

Do they counter few highest bidders to submit the “highest and best” offer OR they just simply take the highest bid received without even countering the rest?

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