Making offer on REO property without an agent

Portland, OR · Member since 2018 · 10 posts · 0 votes

I am looking to make an offer on my first investment property. It is an REO, cash-only, single-family home. My question is, do I need an agent to write my offer or is this something I could do myself.

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Russell BrazilBusiness Member

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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes

REOs typically have an online system to submit offers. The link to thisnis typically found in the agent to agent remarks in the mls. It is unlikely the reo agent will even return your call. They can not get both ends of the deal. So without your own agent you are unlikely to even get your offer in.

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Philip Williams
Rental Property Investor · Rockford, IL · Member since 2014 · 385 posts · 702 votes
8y
It is something that you could do yourself but why would you want to? The seller pays your agent costs so you won't be saving anything by offering on it without an agent.
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Russell BrazilBusiness Member
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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
8y
REOs typically have an online system to submit offers. The link to thisnis typically found in the agent to agent remarks in the mls. It is unlikely the reo agent will even return your call. They can not get both ends of the deal. So without your own agent you are unlikely to even get your offer in.
[email protected]301-893-4635 Podcast Guest on Show #192
District Invest Group545 Reviews
Website View Page
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Wayne Brooks
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
8y
No, you can not write your own offer. You need an agent. Also, there will be bank addendums which void out/change out a lot of the terms in the required local realtor contracts. This is not s DIY project.
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Aly Vizcarra
Specialist · San Diego, CA · Member since 2018 · 88 posts · 54 votes
8y
Hi Amanda, Most REO/Asset Managers will not look at your offer if it is not presented correctly. In the meantime, someone else might buy it from underneath you.
It will not add a penny to the purchase price to use an agent. You can either use the bank's agent who is listing the house or find your own. And if you want to buy just this one house and never speak to the agent again, that's something you can make clear. You are not tied down whichever agent you pick. Just this deal.
Best of luck
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