Can anybody help me with a template to submitt to bank for REO's homes
I'm not sure what you mean by a template, but you will be submitting your offer through a realtor with a standard contract.
What Ryan is saying is that the Banks will use real estate agents to market their properties. If you're looking to buy one, you'll just use standard real estate contracts.
Or, are you a real estate agent trying to find out how to get REO listings?
Joshua Dorkin, BiggerPockets | http://www.biggerpockets.com
On making an offer to a lender on a REO property you just use a standard contract. When your offer is verbally accepted you will get an addendum to sign from the lender. When you sign the addendum you are then under contract.
To do it right you will want to approach the deal either with your own agent or the listing agent. Make sure that the Listing agent is aware of your goals on REO's and what you are trying to accomplish. It's best when the REO has been rotting on the MLS for over 30 days.
Make sure the Listing agent knows you are an investor and you wish to make an Investors offer....and that you notice that the listing has been on the MLS for over 30 days......You would like to earn your commission right? I can close in 15 days.
Give Me Title, Termite Clearance and a Home warranty....I am prepared to pay up to 80% of your asking price.
So if a home in Cali is closing escrow in the area for $410,000 and they are asking 415,000, I will pay up to 320,000 and close in 15 days.
It would be good to know what the REO note amount is and their costs.
I have been using this formula and it works pretty good for me.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!