Friday, December 19, 2008

4 Tips to make your bank owned offer be a winning offer

Cash is King as they saying goes is once again the popular saying of many these days with changes in the lending environment. While we are noticing that cash is gaining leverage, specifically with bank owned properties, there are limitations to cash offers even in this day and age.

Whether you are purchasing a property all cash or not here are some ways that you can distinguish your offer from the many others that are on the hottest real estate deals throughout the city of Long Beach.

  • Short Closing Periods - An all cash offer and a 30 day escrow isn't much better than a 20% down offer and a 30 day escrow. Short escrow periods are (10-15 days) are a way to make sure your offer stands out. If you are using a loan, ask your loan officer how quickly they can get your loan done to give you an edge.
  • Per Diem Penalties - Most bank contracts charage between $50-$150/day for every day you are late past your originally agreed upon escrow period. If the property and price are what you want, offer a large penalty along with your short escrow period as this shows you are committed to closing.
  • Follow the Rules! - Or maybe make sure your agent is following the rules. Many agents who list properties for banks will receive 15,20, 30+ offers on a property so make their life easy. If they need the offer e-mailed, make sure you e-mail it, not fax it. Ask your agent what the instructions are for presenting offers so you can make sure yours doesn't fall to the bottom of the heap.
  • Act Quickly - Banks are allowing for just a few days on the market in many cases, so if you see that must have home or condo, get out to see it and write your offer the same day so you get the opportunity to be considered by the bank.

Following the above and most of all having all of your documentation ready to take action will make the process of purchasing a bank owned home or condo in Long Beach one that is fun and makes you happy that you got a great as well! Call your Long Beach real estate agent or start searching the Long Beach MLS to find what properties are available today.

Related Posts:

  • Bank Owned Properties Hit Belmont Park
  • Does anyone really buy property in December?


krishna kashyap av said...

I believe the short escrow period will do the job for me.
As i am on the track for the remaining tips.
Thanks for the tips.
Idaho Real Estate

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