How to Make Offers on Bank Owned or REO Real Estate

Joleen Blog ProfileBy Joleen Roskamp, Realtor:  Through years of working with investors in the Sarasota area looking for great rehab and flip opportunities, I have found the number one ingredient we all need: PATIENCE!  As an investor, it is reasonable to expect that you get one deal out of 10 offers. (Click Here To View Bank Owned Property)  Don’t expect to get an accepted offer on your first try. It is a numbers game and there are many investors out there looking for opportunities; therefore you will likely encounter a multiple offer situation. When that happens, you will have to give your highest and best offer.

What is highest and best?  Highest and best is the most you are willing to pay for a property. Your Realtor can help you with that number based on condition of property, comparable sales data and your desire to purchase the home. If you are a seasoned investor, you generally know the market and know the price necessary to purchase.  In the past year, many buyers are making their offer above list price so you have to be ready for that!

My most successful formula for winning REO bids wars is “all cash, 20 days to close and 6-8 day inspection period.”  Most successful bidders want to get an offer in right when the property comes on the market, and sometimes, sight unseen. Docusign is a great tool available for the savvy investor so that all documents can be immediately signed from a personal computer, tablet or even smartphone. This helps us make offers faster and more frequently. Gone are the days where Realtors need to sit at a conference table with their clients to discuss offers.

Beyond the hints above, the most crucial secret for investor success is to find a Realtor partner who understands REOs and has worked with investors. It is imperative to have a Realtor who knows the process and the investment market.  At Allison James Estates and Homes we specialize in REOs, bank owned properties, and short sales and we have a valuable inventory of pre-listings that will hit the market soon.  If you are looking for a home, whether it be for yourself or as an investment, please contact your Realtor.  If you are needing to be connected to a great Realtor, consider Joleen Roskamp  who can be reached at 941-525-6554.  (Click Here To View Bank Owned Property)  

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