Vada McDaniel
The Forclosure Expert
Everybody has seen the late night infomercials about how easy it is to buy REO properties. The reality is that if it were that easy everybody would be doing it. There are some great buying opportunities out there but you need to know how this process works. No one wants to be told that their offer got beat out but someone has to be told no. Here are some time saving tips that you can use to help ensure that your offer gets accepted.
1. Bid accorging to market value. Most people who watch the late night infomercials want to try and do what they see on TV. Well I got news for you, if your offer even gets a serious look, thats all its going to get, is a look. The majority of good REO properties are price below market value and that is why there are so many bids on them. Do your research before making any offers. If you do make an offer and move forward on the purchase, make sure that you are paying a fair price. Don't get into a bidding war because the property appears to be a good deal.
2. Fill out the contract correctly. Take your time and fill out the contract carefully. That could mean the difference between 1 or 2 days delay and in a situation where you have the highest offer price and a sloppy contract you just lost your edge. Typically, when you make a offer to a bank on a REO property you can expect to receive a counter offer. Sometimes it will be much higher then expected, but banks do this to show investors that they are attempting to get top dollar for the property.
3. Make sure you have a pre-approval letter. There is a big difference between a pre-approval letter and a pre-qualification letter. One is gold and the other one is bronze. A pre-approval letter means that your file has seen the Underwriter and the Underwriter is the one that makes the decision, not the loan officer.
1. Bid accorging to market value. Most people who watch the late night infomercials want to try and do what they see on TV. Well I got news for you, if your offer even gets a serious look, thats all its going to get, is a look. The majority of good REO properties are price below market value and that is why there are so many bids on them. Do your research before making any offers. If you do make an offer and move forward on the purchase, make sure that you are paying a fair price. Don't get into a bidding war because the property appears to be a good deal.
2. Fill out the contract correctly. Take your time and fill out the contract carefully. That could mean the difference between 1 or 2 days delay and in a situation where you have the highest offer price and a sloppy contract you just lost your edge. Typically, when you make a offer to a bank on a REO property you can expect to receive a counter offer. Sometimes it will be much higher then expected, but banks do this to show investors that they are attempting to get top dollar for the property.
3. Make sure you have a pre-approval letter. There is a big difference between a pre-approval letter and a pre-qualification letter. One is gold and the other one is bronze. A pre-approval letter means that your file has seen the Underwriter and the Underwriter is the one that makes the decision, not the loan officer.
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