Writing your offer for a bank owned (REO) property:
Patience is the name of the game when entering the government owned property market. If you lack
patience, REO homes are not for you. Long wait times, little communication and competition for
the best homes is routine. Choosing the right agent to represent you will alleviate some of the
problems associated with the process. Even the best, and most experienced, reo agents can not
speed the process.
It is important to understand that, when offering on government owned homes, you are dealing not
only with a listing and or selling agent, you are dealing indirectly with an “asset manager” who may,
or may not be, affiliated with the financial institution, lender or investor who has completed the
foreclosure process.
When an offer is submitted, your information and offer terms - conditions will be submitted to the
“asset manager” via the listing agent.
What does this mean to your offer(s)?
If making offers on multiple homes (With the intention of maybe buying only 1):
If you are making multiple offers, even through different agents, the asset manager may likely be
the same. Although you may think that this is a great way to pick and choose after an
acceptance, you may be actually undermining your own efforts. Once agents and asset
managers see this happening, you will probably find it difficult, if not impossible for any offer you
make to be taken seriously. If you offer is considered at all. Lenders have no interest in playing
games. Their job is to complete the sale, not process make believe offers from “gamers”.
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Last Updated ( Wednesday, 14 July 2010 )
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