Offer To Purchase - Bank Owned Properties

When making your offer to purchase on a bank owned property, it's a good idea to use the purchase and sales contract from the realtor. By using your states purchase and sales agreement, you know that it has everything in it to comply with your states laws. Plus you can lean on your real estate agent for help in filling it out and then they can submit it to the bank. That's what they are there for and they would be more than happy to help.

One advantage of using me as your funding partner is that you can make all cash offers. People and especially banks love to see all cash offers. However, in some cases they want hard proof or bank statements backing up the cash offer. So you may have to change your offer from all cash to pre-approved. By doing this, the bank will not want to see the cash in your account. By going this route they may ask for a lower earnest money deposit too.

Contingencies are one of those things you have to be very careful about. Too many contingencies can cause you to lose a deal. Some of these contingencies might include subject to financing, partners approval, inspections, etc.

With earnest money on banks, typically they want $100 - $500 earnest money. Some realtors may tell you other wise. Here's a little secret... if you are making multiple offers, this can be a lot of money you have shell out. Well instead make it so your earnest money is due within 48 hours of acceptance. This way you only have to deposit money if the offer is accepted.

The addendum will be specific to the lender and your state. Usually it contains important information about the sale of the property. Every property you buy from the bank will have an addendum so get familiar with it. If you don't understand it, ask the agent to help you.

As far as being assignable, the answer is NO! This is one of the main differences between buying from a bank vs. buying from a private seller. Banks don't do assignments because they want to deal direct with the buyer and know that they will close on the property.

Proof of funds is important these days. If you are one of my students, then you have access to my proof of funds and transactional funding. Banks are now on to bogus proof of funds letters so it's important to have someone you can trust to back you up on all your deals.

Видео Offer To Purchase - Bank Owned Properties канала Real Estate Wealth Network