BASIS FOR WRITING A CORRECT OFFER ON A BANK OWNED PROPERTY!

THIS SHOULD HAVE BEEN TITLED : BASIS FOR WRITING  A CORRECT OFFER

• First you must understand that banks have decided on the price by having individual brokers give broker price opinions on the asset/property

 

• You must also understand that brokers giving the bank a price opinion will sometimes give a higher value to get a listing, this is not common when the broker has been doing bank owned for a while. It is seen mostly with new brokers trying to get an REO account

 

• When the opinion is over priced you will see the listing price drop after a few weeks, usually due to someone writing a offer based on recent comparables

 

• When someone submits a offer based on comparables and it is lower than the listed price banks will send out an appraiser to verify what is really happening

AND NOW THE DETAILS

• YOU MUST BASE YOUR OFFER ON THE LOCAL RECENT SALES COMPS NO EXCEPTIONS

 

• JUST BECAUSE THE PRICE IS $370,000 DOESN'T MEAN THE BANK WILL TAKE $370,000

 

• EXPECT TO BE ON THE TABLE WITH MULTIPLE OFFERS IF THE COMPS ARE HIGHER THAN LIST PRICE

 

• YOUR OFFER IS NOT BETTER BECAUSE YOU HAVE 20% DOWN

 

• YOUR OFFER IS NOT BETTER BECAUSE YOU DIDN'T ASK FOR CLOSING COSTS REMEMBER :NET

 

• YOUR OFFER IS BETTER BECAUSE IT NETS THE MOST TO THE BANK

 

• YOUR OFFER IS BETTER BECAUSE IT HAS A GOOD ESCROW LENGTH

 

• YOUR OFFER IS BETTER BECAUSE YOU HAVE A DIRECT UNDERWRITTEN APPROVAL FOR LOAN

 

• YOUR OFFER IS BETTER BECAUSE YOU HAVE A NO LOAN CONTINGENCY (RISKY) BUT GETS ATTN!

HOPE SOME OF THESE TIPS ARE HELPFUL IN GETTING YOUR OFFERS ACCEPTED!!