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Multiple offers are submitted to the bank for the purchase of its REOs, but the bank chooses only the best offer.
Experts share the following tips to help you make the best offer:
1. Know the Property History – Find out how much the bank has purchased the property on the Sheriff’s or Trustee’s Deed in a title company or in the tax rolls. Compare it with the price the bank asks for. Check the amount of loans secured. The bank accepts a price between the foreclosure sale price and the original mortgage balance.
2. Find out Comparable Sales – Look at the comparable sales for the last three months. Use only those houses that match the REO according to land area, number of bedrooms, toilets, etc. Check pending sales to know the accepted offer price. See the active listings because it is more likely used by buyers in formulating prices.
3. Analyze Agent’s REO Listings – Search for the listings’ history to determine the ratio of the list-price to the sales-price. If mostly sell for 5% over list price, then a good offer can be 6% over list price, or vice versa.
4. Know the Number of Offers – More offers mean you have to offer more than the asking price. No offers mean you have to offer less than the list price. Banks prefer all cash offers. In obtaining financing, you must increase your price offer.
5. Submit Letter of Pre-approval – Submit pre-approval letter from the lender owning the property together with the letters provided by your own lender to the bank.
6. Never Ask about Inspections/Repairs – If there are any problems with the house, do the negotiations after your offer is accepted.
7. Cut down the Inspection Period – It makes you seem to be a serious buyer.
8. Suggest to Split Fees – Consideration of the appraisal consequences is a must.
HUD Fair Housing Equal Opportunity