How to "win" a bid on a bank owned property

Real Estate Agent with London Realty Corp.


The easiest way to win in a multiple offer scenario is to be able to pay cash, close in 7 days and offer a minimum of full price.  If you do all 3, in my opinion you would win at least 85% of the time.  But what if you can't pay cash?  Can you still win?  The answer is yes you can, but you have to put your offer in the best possible light.  For example:

  • It's not ALL about offer price.  Most buyers want to deposit the minimum amount for an escrow deposit.  If you want to win, I suggest offering your full down payment as the escrow deposit amount.  If you are planning on putting 10% down, offer 5% upon acceptance and 5% after your inspection period.  Sellers, especially banks, want to know you really want the property as they have multiple offers.  They do not want to waste time selling to someone who is unsure if they really want to close on the property.
  • Typically, inspection periods in South Florida are anywhere from 7-10 days.  To sweeten your offer how about making it 3-5 business days?  A licensed inspector can usually be found the next business day to conduct an inspection.  Then that gives you an out if you have reservations.  All we have to do is submit the written inspection report to the seller, either as a negotiating strategy or to inform them that you do not want to move forward on the purchase.

There are many other parts of the offer that can also be addressed in order to get YOU the house!  For more information, stay tuned to my next posting or call/email anytime!


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