How does the process of making an offer work with a bank owned property? Do you propose the offer to the lender and they accept, decline or make a counter offer?
We submit the offer like any other property. The bank usually has a threshold of what they can accept based on multiple valuations they have on hand. That price is discounted by the days on marketthe longer on market the lower they can accept. They will counter offer unless they consider the offer ridiculous. One mandatory item is that you must have a satisfactory proof of funds.The bank will require that all offers be submitted to them on a summary form which is called the “Offer Worksheet.” This is aimed at simplifying the process for the Asset Manager, who will more often than not, have a large number of properties under management and often in multiple States with vastly different real estate contracts. This worksheet will have the “basics” only (Price, Terms, Concessions, Closing dates, etc.). The Wilmoth Group prepares this “Offer Worksheet” based from the terms of the purchase agreement we receive.Since all offers are submitted to the seller on the worksheet (or online via the “
Related Questions
- How does the process of making an offer work with a bank owned property? Do you propose the offer to the lender and they accept, decline or make a counter offer?
- May a qualified lender offer acquired property to the former owner at below market value?
- What happens if the Bank or Lender counters the current offer?
