Making an Offer on that REO property
So you’ve decided that owning an REO Property is the best for you. Purchasing a foreclosed home can mean discounts, but doesn’t mean less headaches than buying a regular home. Yes, lenders may be eager to dispose of such properties, and this only means they will find the quickest and easiest way to do this. So, if you want to make your offer accepted quickly, here are a few tips you can follow:
1) Make an all-inclusive offer – when you decide on a figure, make sure it includes all costs, such as closing costs, appraisals, etc. This just makes things simpler for the seller, so they won’t have to figure this out.
2) Have your financing in place – try to pay with all cash if possible, or have a lender ready to provide you with the money to purchase. Do your research beforehand and give your bid accordingly, instead of relying on the seller.
3) Have a realistic offer – this can’t be said enough times, but do your research. look at the prevailing market price, and also how much the lender has already lost on the property. Don’t lowball too much and risk being ignored (they will take the the first “best offer”). About 20% below the fair market value should be a good starting price.
4) Dot all the i’s - read the requirements and the fine print. Many opportunities are missed because of missing or incomplete paperwork.
5) Don’t be discouraged – it’s nothing personal if you don’t get the property you really want. Just move on and find another home you’re interested in. Also, don’t be surprised if you see the same property back on the market a few months later. Nothing is ever final.
6) Close ASAP – closing shouldn’t take months and months – try to speed up the process as much as you can. Most of the time the trouble comes from problems over the title. Try to iron out these details from the beginning or try to make offers only on properties with no disputes.
The lender will always take the path of least resistance, and will take the best offer they can – after all, they’ve already lost money on the first transaction and will want to recoup their losses.
Know more on:reo foreclosure list and bank foreclosure listings
A Great Entry, Purchasing a foreclosed home can mean discounts, but doesn’t mean less headaches than buying a regular home. Yes, lenders may be eager to dispose of such properties, and this only means they will find the quickest and easiest way to do this, and Short Sales are one of the most effective techniques for discounting loans in real estate. Short Sales create huge investment opportunities and are a must if you want to be competitive in this market.
I sm trying to make an offer on your listing: 27050 Redriver Dr. Romoland, CA 92585 for more than the asking price, with a conventional loan, and 20% down. How do I go about submitting my offer:
Realtor: Maureen Twyman Century 21 Ludecke in Arcadia, CA
Cell: 626-216-7353
Why would the buyer’s have to pay a web transaction fee? the internet is free.
Vince Murdock ABR
DRE # 01221865
First Manhattan Realtors
Your Web site is not user friendly, I have submitted two offers with your Company, I closed the Transaction Sometime
in January of 2010, I later got a call from the service center, stating they were not aware the transaction had closed.
I recently sent in another offer, after trying numerous times trying to correct the addendum A, I continued to pursue with the sale of the transaction, I had the loan in process and escrow in process, scheduled to close by the 15th of Dec. 2010. When I got a message asking me for the same information that was already submitted, the only item that was missing was the proof of deposit, which I will take responsibilty for, however, knowning that the transaction was in process. They still cancelled this transaction, When I gave them the information to the escrow, and Loan officer to verify this information. They have put the property back on the market, I have re-submitted the same offer, waiting for a response, Monday will be 7 days from that point. I love selling REO properties and have been in the business over 25 yrs. and I have never encountered a bank cancelling the sell when a client is ready, willing and able. I look forward working with your company, every Company has a different protocol, and it is important that we understand that we are working to fulfill the same accomplishment, and that is to close the transaction. The moral of this story is to have all your paperwork in…immediately so this problems will not occur. Lesson learned.
I
This is a very frustrating process. I have an accepted offer and it states that I will recv an email from the bank that owns the property. Well it has been over 24 hrs which it stated when I would hear from the bank and Altisource is telling me to have these docs in by the end of the day!!! I also have trouble contacting this company and get a response usually in 48 hrs. If any one else has any input for me please contact me at denisestiert@yahoo.com.
Thanks!!!!!!
Denise
I just bought my first REO through GoHoming.com – without problems… so far. The closing is still 1 month away,
so anything can go wrong, I suppose. I would be happy to buy REO’s for anyone in the USA. Just contact me at
my Facebook page http://tinyurl.com/2a2qo4j to send me a Private Message, and to find all of my Contact information there. You will need to provide me with a non-refundable deposit. Tell me how much you are prepared to pay for the service. Serious buyers only. Which is the reason for your deposit.
DARRYL DEAN | DARRYLDEAN@gmail.com | http://tinyurl.com/25dgw6d
I HAVE BEN TRYING TO MAKE AN OFFER FOR A CLIENT , I HAVE REGISTERED PUT IN THE MLS # OF A LISTING SHOWING AVAILABLE AND YOUR SYSTEM HAS NO RECORD OF IT .
I want to register for the web and kame an ALL CASH OFFER FOR MY BUYER asap.
Please show me how to do it. I already try and , but I didn’t see any prompt for finding the property as well as Place an Offer.
Please help me!
Janet Cao
Pacific Land Investmnet
DRE# 00855209
Property address: 202 N. Newhope # 202b
Santa AQn a, Ca 92703
Hi I am a real estate broker in Michigan and would be happy to assist anyone that is having trouble buying or selling a home in Michigan. I can also answer questions about gohoming. I have had many successful transactions on this website. Email me at manderson@erealtymls.comcastbiz.net thanks.
I have been trying to buy a property since the first of March. The asset agents at Gohoming are incredibly slow at responding to valid offers made on the website. If you are considering buying a home on this webiste then a very long drink of patience is required. I am offering cash payment for a house (that wont pass inspection or qualify for a loan because of its condition) and have been waiting 8 days now for a response. Each bid takes 7-10 days to get a response, I thought these lenders wanted money………?
Dear Sir/Madam:
Ref: Property in Sayreville, New Jersey 3/18/2011
I have submitted an offer since last Friday, 96 hours ago. As the note from the website, Ocwen would give me reply within 48 hours. I am still waiting for the response “Yes” or “No”.
Thanks,
Louis Chang
I have an accepted offer on one of your listings in Florida. I am a cash buyer and have been ready to close since day one. Closing was to be August 17th, but I still have no closing date from your title company a week later. I get excuses. First it was they were waiting on a title search (they have had six weeks), now they are waiting on a POA from the bank (yet they had other docs signed within 24 hours).
Funny that you want to charge $300 plus $100 per day to the buyer for missing closing, but gohoming has no penalty for delaying closing. I don’t understand why they can’t get it together and get houses closed in a timely fashion. It is very frustrating.
This Website is a Joke and is NOT worth your time. Go find a HUD!
This is a demonstration of what happens when you outsource your work to India! It’s been two months since we sent our escrow money and we still haven’t closed and they keep stating we need to send them an addendum to extend the closing date, when we’ve been ready willing and able to close for the last 2 months!
Do not make offers on these properties, it truly isn’t worth the time and effort.