Updated over 16 years ago on . Most recent reply
REO Closing Clost
Newbie REO Investor, If I'm making offers on reo's and I'm asking seller to pay some or all closing cost with only a financing contigency in bid. Will this look attractive to most sellers? If not, what would a more seasoned reo investor take out or add in to get more counter offers? All responses will definately be helpful. Thx.
Most Popular Reply
Not in the least. In this market, you have to be more agressive and attractive to get the deals. Banks will not (in most cases) pay your closing costs.
Offers get accepted when they are :
1. all cash
2. no contingencies
3. large EMD's (earnest money deposits)
4. Quick closings
5. and most importantly, submitted with an REO broker directly representing both parties in which you have earned a relationship with!