To our fellow Agents, we thank you very much for working with us! We love doing business with other real estate professionals and enjoy working with some agents on one, two or more settlements!
In order to help you help your clients even more, we have designed a general information guide on the normal transaction process of purchasing an REO property and frequently asked questions to help you and your buyers. We strongly suggest you read our guide which is just a general informative on how bank owned properties are sold. If you are in negotiations with your buyers and the bank, at that time, we will send you a detailed instruction sheet on how to complete the bank addendum for that specific bank.
Please tell your buyers that when dealing with a bank owned property it is very different than with dealing with a normal home seller. Just a few examples of this are, that banks will typically take any where from 3 to 5 business days to respond to offers and are closed for weekends and holidays. They will require the buyers to sign a special addendum and may ask for the buyer to be pre-approved through their lender. There may be a bit more work to be done, and a longer response time, but it is well worth the extra leg work as most homes are sold well below their market value and are a great investment for your buyers.
If you have questions about purchasing a bank owned property, please contact us right away!
CLICK ON THE HOW TO BUY REO AND FAQ'S TAB FOR MORE INFORMATION ON HOW TO SUBMIT AN OFFER!