I attended an extremely valuable class today and took extensive notes that I wanted to share.  I will also speak about the local Las Vegas market, as that is the market that I am familiar with.  I know that it has been challenging getting an offer accepted on the REO listings here in Las Vegas.  They are priced on the MLS lower than what the bank will accept to generate a buzz and then we are ending up in a multiple offer situation nearly every time.  Great news is there are buyers and banks that want to sell.  However the challenge has been for me and many other agents that I know, how to set my offer apart from the other 10 offers coming in on a property.

First, this is not a traditional market as we have seen in the past 7ish years or so.  For instance, the listing agent is working for a organization or multiple organizations that make up the "seller".  A traditional escrow file is touched by 82 different people by the coe.  Imagine how many people touch the files when there are multiple organizations acting as sellers........Now is the time that communication is vital in successful closings.

REO listing agents are swamped her in Viva Las Vegas.  Email is the best communication for faster response and having a record for your file.  I prefer emails in all my files for that exact reason.  So here are some tips from a top REO specialist locally on submitting offers:

• Include Property Address in Subject line
• Include name, address, phone, email fax for all parties (lender, escrow, me, etc)
• Make offers legible
  
• Write closing costs in one place only.  If there is a spot on the contract that explains closing costs or lender fees write a dollar amount in there only.  Do not repeat it in additional terms.  Seller sees that as two separate costs
• If FHA write in who pays $750 fee
• Completely fill in the entire contract.  Don't leave blanks, write n/a or line through.
• The only fee the seller should be paying should be title policy.  All other fees should be buyer, prorate or 50/50.
• Costs should be specific dollar amounts not percentages
• Remember when using Nehemiah or AmeriDream down payment assistance programs by law Freddie Mac can not participate in this program. 
  

I found this info valuable and a great reminder of the basics.  The more we know and grow with the market the more we will all ensure continued success!  Love, Christin