K.M. Minemier & Associates is a certified Woman Owned Small Business (WOSB) engaged in full service real estate asset management and marketing.

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How to get the winning bid in today's market

February 14, 2018

The market is getting stronger and stronger over the past few years and that is causing changes in the way foreclosures and REO properties are looking at offers. I personally sell over a 100 homes on average a year and write a lot of offers on these types of properties for anyone from homeonwers (owner occupants) to investors. I have found a few tips that help my buyers get accepted offers on these properties. 

Tip1. Make it a clean offer. The less contingencies the cleaner your offer looks and the more confident the buyer looks to the seller. Most foreclosures and REO's will allow some kind of time frame in their own contracts for inspections. 

Tip2. Look at the NET. The seller always looks at the NET offer but a lot of times the buyer does not. Just because you offer 90,000 your net might not be that amount. you have to take out closing costs, commissions and any other amount that may be charged to the seller of the transaction like prorated taxes and hoa fees. 

Tips3. Cash is always king! Side by side offers of cash and financing, most sellers will choose cash. Some may request a higher earnest money amount like 10% but overall a cash offer is cleaner and more likely to close. Be carfeful of this though, some contingencies are removed for cash buyers especially on as-is homes. 

 

I hope you find these few little tips helpful in purchasing REO's or Foreclosed homes and if you would like to become one of the investors i represent or find out further information about how me or my team can help you as a buyer or seller feel free to reach out to us!  My website is www.MYMSHOUSE.com - happy house hunting!  CJ Nason

Tags: #REO

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