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Allan Herman from RE/MAX Benchmark in Las Vegas, NV says, #1 WORK WITH A SERIOUS BUYER! If you're working with "a low ball artist" it's time to move on.  Most offers are selling right around 97% to 98% of list price. Educate your buyer on what properties are selling for.  Show them the recent closings to support your claim.  #2 DON'T BE AFRAID TO HAND DELIVER YOUR OFFER! But also, send your offer via email just in case your offer gets lost in the shuffle.  #3 TRY TO BUILD A RELATIONSHIP WITH THE LISTING AGENT!  It's a lot more difficult with "the heavy hitters."  Although the decision rests with the asset manager, if you're on good terms with the listing agent and there's two offers that are similar, your personal relationship may get your offer accepted.  #4 MAKE YOUR OFFER AS SIMPLE AS POSSIBLE! Remember, your probably competing with multiple offers, so the more you ask - the harder it's going to get your offer accepted.  Make sure you explain that to your client.  #5 SELL YOUR CLIENT TO THE LISTING AGENT!  If your client is a cash buyer provide the written and verifiable documentation.  If your client is financing the tranaction and they have a 800+ FICO score, let the agent know!  If you've closed deals with your client before, let the listing agent know!  #6  BE PERSISTENT!  Keep following up with the listing agent (phone calls, emails, knocking on their door) regarding the status of your offer.  The listing agent wants to work with an agent who takes care of business.  #7 MAKE SURE THE OFFER IS COMPLETE!  A  signed purchase agreement that includes an earnest money deposit.  If financing or cash, then a pre-approval letter and/or proof of funds.  #8 KEEP THE CLOSE OF ESCROW DATE SHORT! The longer the escrow, the more the bank loses.  #9 TAKE INVENTORY OF THE PERSONAL PROPERTY!  Before you write an offer, make sure you have a detailed list of the personal property set forth in the purchase agreement. When performing a final walk-thru verify all items are still on the property.  Many properties have been vandalized.  #10 TYPE YOUR OFFER! It's far more professional to have a type written purchase agreement than a handwritten one. 

 

 
This post has been included in Nevada Real Estate News
Post is included in group: LAS VEGAS - NEVADA
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5 Comments on How to Get Your REO Offer Accepted!

APR
09
2009

thank you for your post. My last offer was $ 20,000 over asking price and they went with a  asking price cash offer.

5:43pm • #1
291,061 Points 1 Featured Post

OMG, I can't imagine a handwritten offer.  That said, it's a good idea to keep a set of forms in the car just in case. 

5:55pm • #2

Sometimes I tell the agent to keep both sides of the commission to stop a bidding war.  When I see foreclosure agents who sell over 50% of their own listings in the first 5 days, I know I have to position my clients any way possible.

5:55pm • #3
187,139 Points

All great points Steven, I think I will try walking in my next offer.

7:05pm • #4
615,384 Points Localism Sponsor Outside Blog

How would one deliver their offer to a bank that is out of state -- that seems like a bit of a stretch?? nice idea-- but is it practical?

8:26pm • #5

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Steven Kitnick

Las Vegas, NV

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Steven Kitnick Seminars, LLC

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