If you want to buy BANK-OWNED HOMES..also known as REOS...you have to have an agent that is aggressive, motivated, and can go in for the kill asap!..No bull! These opportunities are popping up everywhere and if you aren't on top of it, many are gone within 24-72 hours with multiple offers! It's simple...if it's priced right or below market level against other properties in the nearby neighborhood, it will go fast..within hours! If it's priced above market value, it will sit and sit and sit unitl an asset manager either finally sees the light and allows agent to reduce the price or until some savvy investor comes along and makes an offer that's more in the realm of reality land instead of fantasyland. Also, understand that these properties are BANK OWNED, they have gone thru the foreclosure process and had an owner that was kicked out or lost their home, so they have some fixing up to do. The bank does not want to deal with you if you are a fussy, picky buyer who has many contingencies to deal with. Remember, you are buying this "as is" with no implied warranties or repairs...so if you want things fixed up, and termite inspections, your choice of escrow and title, then DON'T make an offer! They want the least amount of headache from a buyer. Buyer's who can close fast(less than 30 days), buyers who let escrow and title be seller's choice, and DO NOT ask for termite inspection...and go in with pre-approval(no pre qualifications).
The stronger you are in your offer, the better you have getting accepted. If it is priced below market value, it will go quick, and don't even bother going in at asking price, be prepared if you really want this property to go in OVER asking price...or be out counter offered at the get go. When multiple offers come in, you will be forced to sign a form, acknowledging that and then you will be asked to give your best offer. This sucks because you won't know how many other offerers there are and how much they are willing to over in price..hence a bidding war! This is a game that is not for the timid! But if you know what you want and come across the perfect property, then get in there first and make that offer as easy as possible for them to accept..and at an aggressive price!
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