When I have an home buyer or investor who wants to purchase bank owned foreclosures at a deep discount, I recommend the following to get their purchase offer accepted above others who may be competing with them.
1. Must offer a Cash Deal - No Financing whats so every.
2. Offer 30% below what the bank is asking - It is your money so lets protect it.
3. No contingencies. No inspection periods. - Check the property out before an offer goes in. Remember you cannot start any repairs or remodeling prior to closing so don't ask.
4. The higher your earnest money (deposit) is the more credible your offer is to the asset manager. I recommed minimum $2,500 to $5,000 depending on the price of the property.
5. Have a proof of funds letter from your bank stating you have sufficent funds to cover the purchase and closing costs. This will be attached to the purchase offer. This shows that you are serious and will close on time.
6. Proposed Closing date should be no more than 30 days from the binding agreement date.
7. You may save as much as $800.00 if you use the banks, HUD, Fannie Mae or Freddic Mac closing attorney.
8. Work with one Real Estate Agent ONLY- developing a good working relationship is essential. You will not get better service by using multiple agents. An agent that gets to know how you think will be your greatest asset.
9. Never let your emotions dictate your actions - if you don't get a particular property - don't worry, there are more out their.
10. Get your ducks in a row, if you need to make any repairs you should have them completed within seven to ten days after the closing. Then quickly have your agent put the property back on the market for sale or to rent.
1. Must offer a Cash Deal - No Financing whats so every.
2. Offer 30% below what the bank is asking - It is your money so lets protect it.
3. No contingencies. No inspection periods. - Check the property out before an offer goes in. Remember you cannot start any repairs or remodeling prior to closing so don't ask.
4. The higher your earnest money (deposit) is the more credible your offer is to the asset manager. I recommed minimum $2,500 to $5,000 depending on the price of the property.
5. Have a proof of funds letter from your bank stating you have sufficent funds to cover the purchase and closing costs. This will be attached to the purchase offer. This shows that you are serious and will close on time.
6. Proposed Closing date should be no more than 30 days from the binding agreement date.
7. You may save as much as $800.00 if you use the banks, HUD, Fannie Mae or Freddic Mac closing attorney.
8. Work with one Real Estate Agent ONLY- developing a good working relationship is essential. You will not get better service by using multiple agents. An agent that gets to know how you think will be your greatest asset.
9. Never let your emotions dictate your actions - if you don't get a particular property - don't worry, there are more out their.
10. Get your ducks in a row, if you need to make any repairs you should have them completed within seven to ten days after the closing. Then quickly have your agent put the property back on the market for sale or to rent.
