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

By
Real Estate Agent with London Realty Corp.

Another way to make your offer appealing to the seller is to let them pick the title company of their choice.  Typically, buyers pay for title insurance and thus get to choose the title company.  However, most banks are willing to pay for the buyer's title insurance if they (seller) get to pick the title company, aka closing agent.  In a perfect world I like for the buyers to use a title agent that I am personally aware of, but in dealing w/ bank REOs, the seller is in charge of most everything excpet for the price.  The price is set by the buyers in what amounts to a silent auction.

Here are many other finer points that can improve your chances:

  • As a buyer have your financing pre approved, not merely prequalified.  Pre approved means that the loan officer has a full application on file, has pulled credit and has verified all information.  All that is left is a sales contract, good appraisal showing a minimum of contract price, and good title to the property.
  • Use computer to generate all offer forms and addenda.  Gone are the days of chicken scratch faxed offers.  Today everything is printed in and sent via email in pdf format.  It's also green!

If you would like more information about the preapproval process or offer structure options, please call today!

Comments (1)

Team Honeycutt
Allen Tate - Concord, NC

Thank you for sharing your helpful hints on how to "win" a bid on  bank owned property.  Using the correct  process   should provide better results for agents.

 

 

Betty

Sep 01, 2009 06:45 AM

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