Basic, BASIC questions for REO investing
Hi there,
I've read all about what types of offers to make to banks for REOs, but I have questions on the most basic aspects of the offers:
1. HOW do you make an offer specifically? Do you call the listing agent and make a verbal offer, send him/her an email, find a contract and fax it, ask them to send you a contract by email or fax then print and return it, or what?
2. HOW do you make an EMD? Do I write a check from my account? Who do I make it out to? Do I get a money order? Do I send the actual check or a copy? If I'm making multiple offers, do I need to have funds for each one?
3. When making a non-contingent offer, and if the bank allows a contingent period (I read that they usually do this) HOW would I be able to get out of the contract and receive my EMD back if I learn of something unacceptable about the property during this phase?
4. When proving that I have the funds in my personal account to buy the property in cash, I read that I can print out a current bank statement and cross out my account number. Should I withdraw all the balance that's over the amount that I'm offering so that they think that's all that I have, to prevent them from countering a higher amount?
5. When making offers, is there a way to make several offers at a time since most of them will get rejected, if I only have enough money for one to be accepted? If say, two get accepted, am I bound to buy both?
Thank you,
Yvette Bauman