If you are making an offer on a bank owned property -- clean up your offer! Some buyers are sending in 
dirty offer??? What does this mean?
Clean offer (results in acceptance, transaction with less complications)
- Offer at least asking price
- Add in to the price any credits that you are asking for (ex: asking price is 300,000 and you are asking for 3% credit for closing = add that to your offer price)
- Give at least $1000 earnest deposit (some banks want at least 1% of offer price)
- Submit with the offer: Pre-Approval letter, Proof of Funds, Copy of earnest deposit check, if you are asking for Nehemiah submit those forms, if you are asking for 1031 Exchange include that paperwork -- give it all up front.
- Do not ask for services: (ex: Pest inspection fees, Pest inspection repairs, home inspection fees, repairs to property, home warranty, coordinator fees, etc.)
- Ask for no more than 10 day inspection time
- OK to ask the bank to pay: NHD, Escrow fees, title insurance and transfer fees
- Closing date to be REALITY... FHA is going to be at least 45 days; Some conventionals can be closed in 30 days
Dirty offers
(results in rejections, delays and cancelations)
- Low ball offer
- 6% credit for closing, plus Nehemiah fees, FHA/VA loan
- $500 honest deposit
- No pre-approval, no proof of funds, no copy of your earnest deposit check, leaving out important information about the offer such as 1031 exchange, Nehemiah down payment assistance, etc.
- Seller to pay for Pest inspection
- Seller to Pay for termite repair
- Seller to pay for needed repairs
- 17 days inspection time
- Contingencies, contingencies
- Close of escrow: Quick close on FHA/VA loans, even complicated conventional loans is a no-no
Banks do not expect to pay for repairs, they want you to be realistic about closing date (remember they have schedules and goals to set with with property), they are selling their properties at "as is - where is" and is not expecting to do the repairs, not expecting to pay fees and will not be low balled.
Basically, if you want your offer to be accepted... clean it up! Agents help your buyers clean up their offers! Not all of these points apply to every situation. Think it through.
Disclaimer: Not all banks think the same. This information is based on what the banks are looking for... does not mean they won't negotiate. Each offer is unique and depending on the bank, the day, the week, the amount of time property has been on the market, the condition of the property and of course === once again... the bank.
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Check out: Real Estate Terms/Definitions. And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties. Our consultations are free. Our aggressive marketing plan includes on-line listing advertising. If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call. If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.
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When working with a seller and a buyer agent calls to talk about an offer. I always tell them "Make it as clean as possible"
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