Here is a little background on my situation. I bought a home in Las Vegas in which I live in now. I have built some equity up in the home, but would like to hold it. So, I have decided to purchase another home using a VA backed loan and then rent out my current home. I found a home at a reasonable price that foreclosed to the lender(Fannie Mae). I did a walk through today and really liked this home. I just found out there are multiple offers and one was countered in which they have until tomorrow to respond (Saturday;FM is closed). I am looking for advise to make a good offer since I planned to buy w/no money down including closing cost. To make a better offer I am thinking of offering 1-5k above list and possibly 2k towards closing. I am looking for advise to put together an offer for my situation. Any help will be appreciated!
Your agent should be able to help with making a strong offer.
What is the sellers situation? They may want a quick close or they may prefer time to find/close on their next house.
Generally you can substitute financing if you don't delay closing. If you can verify a bigger percentage of assets you can submit an offer that includes a down-payment even if the loan doesn't require you to provide one.
Price may not be the most important thing. Few or no contingencies and a large deposit are ways to make you offer look strong for an REO property.
Ned Carey, Crab Properties LLC | http://baltimorerealestateinvestingblog.com/
Totally agree with @Ned Carey !
We have won a few multi-offers situations by simply appealing to them best. So the key is to know your area and the situation. Our realtor has always been a great resource for helping us come up with a great offer!
The banks do not work during the weekends. Also, keep in mind that if the offer expires, then only your offer is on the table. I would have your agent go on www.homepath.com and see how many offers there are. If there is only one, and they do not perform, then why pay above list price. Secondly, if there are other offers on the table, then finance your closing costs into your loan (You can do that in a VA loan).
Free eBook from BiggerPockets!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
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!