Buyers
Submitting an offer for an REO property can be a simple process if you follow the basic guidelines we have outlined for you below:
1. Obtain a pre-qualification letter from your lender on their letterhead. If you are presenting a cash offer you will need proof of funds. Absolutely no offer will be submitted without a pre-approval or proof of funds. Many seller’s are now requiring that the buyer is pre-approved by their mortgage company. Please check the MLS to verify if this is a requirement. It does not mean you have to use their lender, but it does mean you will have to have a pre-approval letter from them before they will review your offer.
2. If you are asking for any seller concessions it must be stated in the original offer. Even if the seller is stating they are giving a concession in the MLS, it must state the concession on your original offer.
3. The closing date is critical when writing the offer. Please be realistic. It is much easier to move up a closing date than to push the date back. Extensions cost the seller money and there are no guarantee’s the seller will grant one.
4. Addendums: Most REO properties require seller addendums. In most cases, the addendums are made available to the buyer once there is a verbally accepted offer by the seller. In some cases the addendums are attached to the MLS listing under additional information. Addendums may not be altered when received from the seller.
5. This part is the most difficult. PLEASE BE PATIENT and don’t shoot the messenger. It usually takes 72 business hours to get a response back from the seller and some cases longer. The seller is reviewing hundreds of offers everyday and processes them ASAP.
6. Prior to receiving a fully executed contract from the seller you must return to our office the following: a. contract, b. addendums, c. CERTIFIED earnest money check or CASHIERS check. Seller WILL NOT accept personal checks for any reason.
7. Once everthing has been received by our office, the seller generally emails us the fully executed contract within 72 hours.
***PLEASE READ CAREFULLY****
Please allow a minimum of 24-72 hours for a response to your offer or counter offer. All offers will be spresented the same BUSINESS day that your offer is received. Offers submitted after 4:30 CDT may be presented the next BUSINESS day. Offers will not be responded to on the weekends or holidays as the seller is generally not available to review your offer. All offers are presented to the seller until the day of close as per NAR guidelines. If you have a verbally accepted offer, we cannot change the status in the MLS until a FULLY EXECUTED CONTRACT is received from the seller.
