submitting offer for reo?
I am a newbee at buying reo's. I was the high bidder at an auction and 4 weeks later the bank rejected my offer. I am now looking at several reo's that are listed on the MLS through real estate agents.
My question is does the agent do the contract or should I do the contract? It just seems like he is not representing me. I have been doing tons of reasearch on what comparable houses are selling for in the area, costs of fixing it up, etc...
If the agent does the contract what should I make sure is in it? I will be paying cash for the house and I can go to settlement once I know it has a clear title. Should I give the bank a certain amount of time to accept/reject my offer? I dont want to wait 4 weeks like I had to with my last deal, if so is 7 business days acceptable. I was going to leave 10% EMD with no contingencies (except clear title).
Any help for a newby is appreciated.
Thanks
I am very handy and will do most of the work myself. I am only looking at fairly new houses (built in the past 20 years) that just need curb appeal (cabinets, countertops, paint, etc....) and no major repairs.