Posted by Mark-WV on July 15, 2002 at 21:27:47:
Leon,
I have never had any luck with banks except with cash,thats the only thing they want to see.
My offers are lowball and straight to the point with no contingences.Even at that you would have at least a month before closing to get it resold.
I use a offer to purchase with a bottom line for them to sign off on if accepted and the closing date I want on the form.
Hope this helps,
Mark
What paperwork is needed to discount? - Posted by LeonNC
Posted by LeonNC on July 15, 2002 at 14:13:12:
What paperwork do I need to purchase or tie up a mortgage on a house when buying/discounting from the bank? Do you just send them a letter making your offer in a letter? Then, what’s the paperwork that binds the deal?
What’s a good way to tie these up while trying to flip the thing? How long can I expect to be able to tie it up for? I’m guessing if the bank accepts the offer they probably want thier money yesterday.
I look forward to hearing this one. This is good information.
Leon
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.
Sincerely, Kristine