REO offers, help me help you

In my experience here are some things that can assist you in making your offer more acceptable to the Bank.

1.    This is a totally unemotional deal, its about the numbers.

2.    Show where the money is coming from, this is for any money the buyer is to come up with. If you are paying in       any cash into the deal prove where it is coming from.  

3.    Title and escrow is usually non negotiable as the lender has already started the work long prior to it going on the        market, if you really have to use your favorite Title person, don't buy a REO.

4.    Have your financing in order, get as much of the prelim work done in advance, the less that needs to be done        the better it is for your client. 

5.    Do your inspections, most lenders wont do any repairs but that doesn't mean that they wont let the buyer do         inspections. 

6.    Hit all time lines, close is OK in grenades and horseshoes but miss a close and it will cost your client

7.    Schedule close carefully, pick a date that is workable to all parties, do not let it run over to the next month, you        most likely will get a extension if it will close in the same month. 

8.   Be reasonable, make offers based on some form of reality, provide comps that supply your offer.

9.    previous listings of this property do not matter, this is doubly so if the home was previously a Short Sale.

10. It takes time, prepare your buyer for the lag in getting the offer back form the bank, when the seller tells you have the deal, get moving on your inspections and lending, it will happen.