Today at 10:00 this morning is the deadline to submit your "bid" on one of our offices foreclosures. At 9:49 a man walked in breathing heavy as he had just ran from his vehicle to make sure he crossed the threshold of our front door. He literally stuck his head in my office and said.. "I'm here, it's before ten!"
I had no idea who this man was.
He then proceeds to hand me a hand written offer that he calls legal and binding. He wrote it up on a piece of notebook paper that he had yanked out of a spiral notebook. He then asked me to sign it to prove that it was submitted BEFORE TEN. (didn't happen)
Here's what you should know.
1. No offer will be accepted on any property (that I'm aware of) that's sumbitted in this manner. Not in this solar system anyways.
2. I've NEVER seen a cash offer be accepted without proof of funds.
3. No bank foreclosure will accept this type of offer. You have to sign addendum's, contracts and office disclosures.
4. Your offer must be submitted online with or without an agent. Probably best to use an agent so you can understand the process/mkt conditions/negotiating strategy and so much more.
5. IF you REALLY, REALLY want a property do things correctly.
This buyer assumed that I would process his sheet of paper and provide him a response by today. He had hoped that I could secure the property for him.
I didn't write up an offer on his behalf. He came storming in without an appointment, without the proper paperwork, without having seen the property and without the slightest idea on how the process worked. Well, I take that back... he said his banker told him to offer 1k above the list price to "ensure he got the property."
My departing words to him were that he should enlist the help of an agent for the purchase and a banker who is wise enough to stick to what they know ... and that's BANKING. You would think a banker would have advised this man how a foreclosure bidding war works before shipping him down the primrose path so to speak.
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