How Do You Make An Offer To A Bank For An REO Home?
Buying an REO home from a bank can be a tricky task, as you are at the whim of both the bank and the original owner. The owner must agree to the terms of the sale and all business must go through him and the bank before you can take possession of the house. By making an offer as close to the bank’s listing price as possible, you can save thousands of dollars on the purchase due to the competitive pricing that an REO property offers. Step 1 Prepare your offer in writing. The bank will only take offers in writing. Include your financing pre-approval information, your credit history and proof of income to cover all your bases. You may only have one chance to get an REO property, as there is often much competition in this market. Step 2 Combine your offer and supporting paperwork into one single electronic document. Place all of your documents into a PDF file for ease of reading; faxes are often difficult to read and deteriorate over time, so email is now the preferred method to send an of
