Negotiating REO Offers

[Glenn Espinosa]

Just a tally, who here forgoes inspection contingencies with their offers?

Sorry if this has been covered.

[Will Barnard]

Depends on how I am getting the deal. If it is one of the few I buy from the MLS, then I usually only ask for 3-5 days inspection. If one of my direct buys from the asset manager, I either take it or I don't, no contingencies.

One thing to note: Almost all the banks have their own addendums and in them, they have pre-set items in them. One of those items is a contingency period. I have often made offers with 0 days inspection, then upon my offer being accepted and receiving the bank addendums, thye gave me 7, 10, 14, and some gave 17 days when I did not ask for any! (A small trick of the trade.)