AZ HOME BUYER -REO's MAKING AN OFFER PART 5

Making an Offer

Have your agent contact the the listing agent and ask the following before submitting a purchase offer:

• Are there any inspection reports?
• Has the bank agreed to make any repairs?  Will they offer a seller's concession for the buyer's loan costs?
• Is there a special "as is" form?
• How long does it take the bank to accept an offer? Are there any other offers?  If so, how many?

Offers are usually FAXED or emailed to the Bank's agent.  There is no formal presentation.  Keep in mind---nothing happens evenings and weekends (banks are closed).  It's a good idea to expect a response time of 4-5  business days to your offer. Since there is no face-to-face presentation to the bank you should provide the listing agent with a Loan Status Report (LSR) plus proof of funds. Make your offer straight forward and easy to accept.
Remember that REO's are selling very close to full list price and often thousands over the asking price---depending on the location of the property and multiple bidders.  REO's are not always the deals presented on late night television.

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