6 Steps to Successfully Buying an REO Bank Repo by Aaron Zapata, Zapata Group with Prudential CA Realty

6 Steps to Successfully Buying an REO Bank Repo by Aaron Zapata, Zapata Group with Prudential CA Realty1. Act Fast. Banks price their homes to generate a lot of activity in the first seven to 10 days. Make sure to submit your offer right away.

2. Write a good offer. Banks are smart and they expect to get the highest price for the property compared to its condition and location. If it’s a great property and in great condition, make a great offer. The banks want to know A) How much money will they get and B) When they’ll get it. They don’t usually issue counter offers either so you will only get one shot at it.

3. Get Qualified with the Bank’s Preferred Lender. Have your financial paperwork in order and send it over to the preferred lender ASAP to get the pre-qualification letter generated.

4. Don’t Change the Contract Addendum. Banks have addendums and you should read them. Understand this, you don’t have the right to change them. If you try, they’ll likely reject the offer altogether. The banks have policies and procedures that they follow and trying to change them for one transaction will not get you anywhere so don’t try it.

5. Do your inspections early. Banks shorten the inspection time so have your inspector lined up and ready to go on short notice. Always do an inspection!

6. Close the transaction On Time. Banks operate on strict timelines and you need to close on time or you’ll likely incur costly daily charges (called “per diems”).

 

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