How Do You Write An Offer On Bank Owned (REO) Property?
Bank Owned (REO) properties often receive Multiple Offers. Follow these steps to write an offer which will make the Bank and the Asset Manager (the Bank employee who handles the transaction) happy and therefore increase your chances of being the winning bid. Make a reasonable offer with as high an Earnest Money Deposit as you can, and volunteer to complete your Due Diligence (inspections) faster than is customary in your area. Time and Money mean a lot to the Bank and if it knows you will fulfill your obligations quickly and that you are willing to put up a substantial deposit, then your offer will be more attractive than others. Submit a loan preapproval from a Loan Officer at the Bank which owns the property even if the Bank doesn’t require it. That preapproval indicates that you meet the Banks financing guidelines so the Asset Manager is assured that you can get financing. A bonus is that it will help you negotiate better terms and rates with your own Lender. Choose your own Contrac
