Offers for REO as primary residence

2 Replies

Hi! I have submitted an offer to purchase a property that is owned by a bank. There are several offers on the property but I believe I may be the only one trying to make it a primary residence. Will my offer receive any special consideration because of that? It may also be worth noting that my offer was above asking but other offers may have been all cash also above asking where mine is using a conventional mortgage. Thanks everyone!

Back in 2011 when my husband and o bought our first primary residence (which was a foreclosure) there were multiple offers. I can’t say for sure but our agent and us both thought that the fact we weren’t investors did play to our favor. We also offered a higher earnest money deposit. So while I don’t know for sure what made us get it, those were the two factors in our favor. Im sure every place does things differently though. Good luck!

Thanks for the response. The bank contacted our agent and asked for our address because they wanted proof that we are going to use the house as a primary residence. I am hoping that means that they are considering our offer even though there may have been an investor at the same price.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • 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.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.