Juan Noriega

While working as a listing agent for the banks now and having to present offers on day to day basis here are a few things I would like to share with everyone working with buyers and trying to get your offer accepted by these lender.

Trust me I know a thing or two about this as I was primarily working with buyers before becoming an REO listing agent and must say having to be working with the buyer who gets really disappointed that their offer did not go through could be very frustrating. I lost several clients before and sometimes you cannot help but to think it was your fault that the offer did not get accepted. Do not be too hard on yourself this is a VERY challenging market and I don't think any of us was ready prepared on what to expect.

TIPS TO GET YOUR OFFER ACCEPTED...

•1- Call the listing agent before submitting your offer (I am often shocked to come into the office and find several offers from agents that never even bothered to call me to let me know about their offer, remember this is the person that you will be working with if the offer gets accepted)

•2- Do your homework on the property how long has it been listed? What are the comparables? (Banks get at least 3 BPO's and sometimes appraisals before pricing the property they know what it is worth so if it is a new listing a very low offer is not likely to work, therefore DO NOT SET FALSE EXPECTATIONS for your client)

•3- All banks like to sell properties in "AS IS' condition, make this clear to your clients before showing the property, do remember that I am seeing more and more repairs being done by the bank ONLY when these repairs are required by the bank.

•4- Keep the contract simple, use the best contract format that would be easy for the banks to understand and keep in mind that most of these banks will send you the contract addenda after your offer gets accepted so let your clients know that these documents will be standard documents that the banks uses for ALL properties trust me I have seen some buyers freak out with all the wording on these addendums

•5- Keep inspection periods short

•6- Have your escrow deposit and your prequalification letter ready submit ALL your documents at once,if the prequal is more than 60 days old it will probably be too old and also most banks are requiring that the person gets pre qualified by their institution even if they will not get the loan through them. Let your clients know about this so that they are not shocked when you ask them to call a random broker to get their financial info. This is becoming standard procedure.

•7- Most banks respond anywhere from 24 hrs to 72, I have seen my banks respond the same day, therefore if you have not heard back from listing agent in more than 48 hrs make sure to follow up.

•8- If the property is a very good value often times there will be multiple offers, and the bank will ask that a highest and best offer gets filled out. Make sure to let your clients know about this situation, particularly if this is going to be their primary residence as this will be a more emotional disappointment if they do not get it. Based on your experience provide them with the best possible advise and timely submit your form.

Best of luck to everyone !!!!!!

I attended Hudson & Marshall Auction yesterday at the Hyatt Bonaventure 300 properties we auctioned; this was my first time ever attending one of these events. And while I went there with one of my investor clients I must say that going to one of these events was a phenomenal experience, I wrote every single one of the prices that each home sold for as I like to keep it as a good indicator for future reference.

Here is what my client purchases keep in mind that before bidding on anything you MUST perform your due diligence on the property, inspections, comparables, restrictions etc.

Unit in Downtown West Palm Beach originally sold for $342k in 2005 we got it for $112.500 intracoastal front.

Coral Springs condo originally sold for $272k in 2005 we got it for $62.500

AMAZING DEALS!!!NO RESERVES,ABSOLUTE SALES

More events like this are coming soon let me know if you would like to attend any of them