Updated Tips and Tricks

[Erin Legler]

Thought I would share my two cents since that article was written 5 years ago.  Would love other agents feedback, as I am always looking to have the edge for my clients.  I would not call myself an expert, but have submitted hundreds, actually maybe thousands of offers on bank properties and here is what I have learned.

1.  Make sure your agent follow instructions!  This is very important.  A couple months back I submitted an offer on a bank owned property.  It had 48 offers.  I had a financed full price offer.  I was shocked when my offer got accepted.  When I spoke with the agent, I asked how it got accepted (I thought for sure there were above asking offers).  She said out of the 48 offers received only 4 agents had followed the offer instructions .

2.  Make sure all addendum's are filled out and send offer in one PDF.

3.  Lately they are willing to pay closings costs.  Before I would never ask for them.  They are looking at the net.  But if there are two offers that have the same net, they will take the one without closing costs.  So if your buyer does not need them, don't ask.

4.  Don't ask them for a home warranty.

5.  Don't ask them to pay doc stamps.

6.  If paying cash, offer 10% deposit.

7.  If paying cash, send proof of funds.  Make sure the name of the bank account matches the name on the contract.

8.  If you add a middle initial in the offer, make sure your buyers sign with that middle initial.

9.  If financed offer, send pre-apporval.  Make sure all the terms are the same.

10.  The market in Central Florida is still pretty hot.  If it is a good property, it will have 30+ offers on it.  Go at asking or over asking, unless it is unreasonably priced.  The days of submitting offer 70 cents on a dollar are long gone.

11.  To make your offer stand out, offer 2-5 day home inspection period.  

12.  Per diem has now gone up to $100 a day.

13.  Still a great article for tips!  https://www.biggerpockets.com/renewsblog/2009/10/05/top-20-tips-making-offers-freddie-machome-steps-reo-properties/