Comments on: Five Ways to Make Your REO Offers Irresistible to the Bank

By: Carole Murphy

Carole Murphy — Fri, 04 Nov 2011 01:47:48 +0000

Great article.

By: Robert

Robert — Fri, 02 Apr 2010 17:34:49 +0000

I’m currently in the process of closing on an REO. I tried offerring $5K earnest money to show I was serious but got beat out by another offer that was only several grand higher with just he standard $1K earnest money so while I hear money talks it seems some asset managers care more about the bottom line than about days on market. I found this out because that offer fell through and I picked up the second time around. That and my agent had a good rapport with the listing agent.

I also offerred a quick close- 10 days. The title company the bank chose is what is holding up the closing now and the contract says 7 days from when the title work is complete. So in this case I agree you can make your closing period unrealistically tight and feel confident that something else will hold up closing.

By: Dana Matonis

Dana Matonis — Sun, 25 Oct 2009 23:23:37 +0000

Good info ! Just put one through here in Orlando and asked for a ASAP closing and they still took over 25 days.

By: Rodney Dawkins

Rodney Dawkins — Fri, 11 Sep 2009 16:25:28 +0000

Great Advice as always Steph, but I have one question am I using my own funds for the emd?

By: Stephani Davis

Stephani Davis — Fri, 11 Sep 2009 15:34:25 +0000

Hi Rodney,

Yes, unless you are able to secure a buyer very quickly (like the same day you get your offer accepted), you will need to have your own EMD.

Steph

By: Maria

Maria — Mon, 31 Aug 2009 22:20:18 +0000

Oh, Okay. Any tips help right now. It so hard to get anything accept. It’s carzy. Thanks

By: Stephani Davis

Stephani Davis — Mon, 31 Aug 2009 19:01:38 +0000

Hi Maria,

I’m wholesaling the properties I get under contract to other investors, so I make my profit on the spread between what I am buying from the bank for, and what I am selling to my investor for..

Steph

By: Maria

Maria — Mon, 31 Aug 2009 17:51:27 +0000

Hi,

Thank you for your tips : ) One question for you, so what are you making if your are giving up your side of the commission to the listing agent?

By: Mike

Mike — Wed, 19 Aug 2009 14:11:28 +0000

Hi Steph, first, great info! Second you talk about a line of credit statement. i know what a line of credit is but can u elaborate where you got it, was it a line of credit backed by one of your HM lenders?

By: Dwight Droze

Dwight Droze — Tue, 18 Aug 2009 17:33:48 +0000

wow 5 day close!? i know most of the time they counter more, but my luck they would say GREAT!! and now im hopeing my end buyer actually want it. Well, im just looking again for a title company that will help me out, and its time to offer on some places these guys “say” they are looking for! Great article!

By: Allison Ables

Allison Ables — Fri, 14 Aug 2009 21:06:28 +0000

Well said. However, over the last few months I haven’t noticed a difference with cash offers. I guess the banks are so swamped with offers on reo’s they’re getting thrown in piles with everyone elses offers. This is Florida though, I can’t speak for the rest of the country.

By: Steph

Steph — Thu, 13 Aug 2009 20:46:53 +0000

Hi Melody,

Congrats on the 4 unit..

My experience has been that only certain lenders will ask for 10% as an EMD. Fannie Mae is one of them, and there are a few others who do, too.

Most of the ones I’ve offered on, though, were fine with a 1k deposit even when I’m offering cash.

Hope all is well with you,

Steph