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Write the best offer on a bank-owned home in a buyer's market with help from an experienced real estate professional in this free video clip. Video Transcript This is Angela Rose with angelaroserealestate. We're going to be talking about how to write the best offer on a bank owned home in a buyers market.
Foreclosed property, known as real estate owned or REO is owned by a mortgage lender that has repossessed the home.
It's offered for sale under very specific conditions for buyers. They need to do extensive homework before submitting an offer on a property like this. So first and foremost, make sure that you prepare your paperwork.
The banks don't mess around. They want all of the following information prepared and submitted at the same time. Your fully executed residential purchase agreement with the most recent state required disclosures.
Number two is your loan pre-approval letter. Dated within the past 30 to 90 days from a mainstream lending institution, and three proof of funds. Evidence of checking, savings, or other account balances verify the earnest money deposit and down payment.
Now a couple tips, you want to tour that home ASAP, right when it gets on the market. Because often times foreclosed homes in a buyers market, you're going to get multiple offers, and so you want to make sure you're first in.
Be aware of the banks acquisition price before making an offer. This includes the outstanding homeowners association dues, any liens attached to the property's title, don't expect to wrap these costs up in your mortgage.
Typically it's not going to be allowed. So instead you can work on negotiating these expenses. But quite simply be prepared to decide at what price you're willing to walk away and really start at that price first.
Avoid emotional attachments to properties. Don't allow real estate agents to force you into higher offers, you really want to make sure that you're getting a good and fair deal.Jul 18, · There are times when a mortgage underwriter needs a letter of explanation for one or more items in your loan package.
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The request must clearly explain the goals you want to achieve. How to Write the Best Offer on a Bank-Owned Home in a Buyer's Market. Foreclosed property, known as real estate owned or REO is owned by a mortgage lender that has repossessed the home. Sample Complaint Letter Template.
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