How To Submit Offer to Listing Agent

Question

I learned from BP to submit an offer directly to the listing agent.

How do I do that? On my own contract with the contingencies that I want? Does it make a difference if the agent is representing a REO?

I have always gone through a buyer's agent, never to a listing agent.

Danny Johnson · Answer

It is preferable to try and make contact with the listing agent to have your offer submitted on a property.  This is especially true if the property is an REO.  You want to start building a relationship with those Realtors because they can be an awesome source of deals.

You may not get many of the offers accepted, but you will be talking with them and giving them a chance to get to know you.  Once you get some accepted and close on them, they will be much more willing to send you deals.

How it works: You simply contact the agent and tell them that you would like to submit an offer on one the properties they have listed.  Inform them that you are not currently working with a Realtor and would like for them to draw up the contract, with your contingencies if necessary.  It is always preferable to not have contingencies, but if you must go ahead.  They will have the standard contract, so you will not have to provide one.

The important thing is to not waste their time.  Usually bank owned properties won't go for less than 10% of asking right out of the gates (property just listed).  You can offer less, but it likely won't be accepted until it has sat on the market a while.

Hope this helps.

Danny

Scott Nachatilo · Answer

I think you are trying to make this too hard.  Find a realtor who works with investors to sell REO properties.  Most usually, the listing broker for REO properties doesn't work with directly with buyers.  This isn't always true, but you'll find that it's always true that when you have a good investment realtor on your team you'll be able to buy some of the REOs you make offers on.