How to make my offer stand out? on a bank owned.

Question

I am walking a bank owned on Sunday. I am very interested. Unless it has MAJOR issues... I will likely make an offer. My realtor said the listing agent told him they already have 2 investor offers to open (some 15 day wait for investor offers). it is $220k. I cannot cash the whole thing, Heloc, i have like $260k on tap... so I could cash half, do rehab... but not all.

Seems like I can either pay a bit over asking if the numbers work... OR work terms... like half cash or...? to make my offer stand out... any other ideas? THANKS!

Seems like I can either pay a bit over asking if the numbers work... OR work terms... like half cash or...? to make my offer stand out... any other ideas?  THANKS!

Russell Brazil · Answer

Banks are simply looking for the highest net price, so bid higher than the other offers.

Russell Brazil · Answer

Nope. Many REO agents are really just acting as de facto property managers. They check on the property, have utilities put on etc. They might not even be involved in passing along offers as many REOs only take offers via an online system.

Will Barnard · Answer

Make your offer stand out, offer the highest price and/or no contingencies, quick close (10 days or less), don't ask for anything in the contract, and write a cover letter with your offer.

Carson Wilcox · Answer

Turns out the house had mega issues.  Old house with at least 2 additions/remodels.  None of the work inspired confidence. stuff half done... wires hanging... Janky stairs... Illegal/non permitted granny unit.  Plumbing sticking out of the lawn... and based on the lot line marker.... Might not even be built on the property.  Would have to be at least taken to studs, and redo the layout.  We will see if it sells.  Its a winner at a lower price... possible MFH if the city allows.  But not at the price it was listed for.

Carson Wilcox · Answer

I likely will.

I just wanted to know if there was any terms etc... that mattered.  Vs just biggest net $ amount at close. OK.  I will get good numbers on it and bid as much as I can to still hit my #.

thanks guys

Chris T. · Answer

@Russell Brazil

Would it be advantageous to a buyer if he/she reaches out to the listing agent of the REO?

How to make my offer stand out? on a bank owned.

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