Short Sales and Foreclosure Specialists Contact
(239) 244-1649
Tips on Making
an Offer on a REO / Foreclosures
- Don’t Have Missing Information –
Make sure you fill in all blank spaces on the contract. Place N/A in
the
sections that you want to leave blank.Follow
- Instructions – Read and
follow the instructions carefully. Sometimes they are managing hundreds
of property
at one time and they will not correct your mistakes. Don’t fax the
contract if
they want you to email it.
- Submit Complete Offers – If offer is cash, proof of funds is required.
A letter from bank stating funds equal to or greater than purchase
price are
available to buyer, or a bank statement in buyer’s name are both
acceptable. An
earnest money deposit of a minimum of $1000 is required for most
offers. In
some cases, the minimum earnest money may be up to 3% of the purchase
price.
For cash offers, the minimum earnest money deposit is sometimes 10%.
- Use Raw Numbers – It’s easier to
calculate
raw numbers instead of percentages. It makes the listing agents job
easier “seller
to pay buyer’s recurring and non-recurring FHA closing costs not to
exceed
$6,000.”
- Orderly Submission – Don’t email
multiple attachments. Make sure combine the files into one. Also don’t
forget a
cover sheet.
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