INSIDE TIPS FOR GETTING YOUR OFFER ACCEPTED ON A BANK OWNED PROPERTY
1. Have your agent check the tax records for what bank has the Real Estate Owned (REO).
2. Check heck how long the property has been on the MLS. If it has been on the MLS less than 30 days, and there are multiple offers expect to pay over full price.
3. Based on that information, compute the % discount OR increase that the bank would most likely accept for the home, every bank is different and your REO agent should have a good idea how much discount OR increase you will have to bid to get the home.
4. Double check Multiple Listing Sheet (MLS) very carefully giving the listing agent EVERYTHING they need to submit your offer to the asset manager.
5. Your Loan Status Report (LSR) needs to be COMPLETELY FILLED OUT AND SIGNED by you before I submit your offer to the listing agent.
6. Your REO agent should always prepare your offer on Zip forms and ensure that NO lines are left blank. If there are any mistakes on the contract the asset manager may simply ignore your offer and choose another one that is more complete.
7. Your REO buyer's agent needs to SCAN AND E-MAIL the contract to the REO listing agent, DO NOT FAX YOUR OFFER TO THE REO LISTING AGENT, as faxes tend to be unreadable.
8. Your agent needs to follow up IMMEDIATELY after sending your offer to ensure the listing agent actually received it and has indeed submitted it to the asset manager.
9. If your offer is accepted by the asset manager, I encourage you to get the addendums from the bank back to me ASAP. The bank can and will accept another offer if you do not return the addendums back in a timely manner.
10. Open escrow THE SAME DAY the asset manager sends back the FULLY EXECUTED contract to your agent.
Hope this helps!
Terry S. Smith
Scottsdale Luxury Homes
45 Year Arizona Resident
DPR Realty LLC
8341 E. Gelding Drive
Scottsdale, AZ 85260
Direct (602) 763-1858
Office (480) 994-0800
Have a Great Day!