Re: What paperwork is needed to discount? - Posted by Kristine-CA
Posted by Kristine-CA on July 16, 2002 at 17:29:42:
Leon: so far, all my offers and attempts to make offers on REOs have been through agents. Even when the property isn’t being marketed and was foreclosed on by the bank 3-6 months ago, they don’t seem to work directly with anybody except their listing agent. I find lots of vacant properties that are owned by banks and have spent a lot of time reaching the right department, only to find out that they won’t work with me directly.
I always offer cash and my offers are low. The paperwork that ties it up is a standard purchase contract. I have slowed down on the REO offers, unless they fit my criteria and are listed on the mls. Where I am working, it takes time for the banks to come to a reality check about the value of their properties (most of them sub-prime lenders and/or loans). So now, the agents I work with submit my offers and let me know where I stand.
So far, 30 day terms (or less), all-cash/no contingency offers seems to be what banks pay attention to.
Just my experience so far.