How to Make an Offer to a Bank for an REO Home
Real Estate Owned is that type of property which is owned by a bank or a financial institution. The institutions have failed to sell these properties at auctions and they are still under their ownership. You can apply or make an offer to the respective institution to purchase the property. However, there is great competition and you must have a good offer in order to be considered. For this, thorough research has to be done and the offer must be good enough to be considered by the institution. You need to attach all the necessary documents to support your case.
Instructions
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1
Do your research
You must do your research on the real estate owned homes that perfectly suit you. A thorough research should be done as you will be paying a huge amount to the bank to purchase the property. Regardless the bank’s decision, you must have two or three options. -
2
Prepare your offer
This is probably the most important part of making the offer. You must prepare the offer you need to make to the bank in writing. The offer should include all the details regarding your credit history and your financial backing. You must submit proof that you can cover the amount required with copies of your bank statements or any other property documents. -
3
Attach the necessary documents
There must be documents attached to support your offer. For example, if you are mentioning any other properties you own, attach the copies of ownership with the offer. Similarly, attach copies of your bank accounts and credit history. -
4
Submit your offer
Submit your documents with the respective bank. Make sure you submit your offer in the early hours of the day or in the working hours of the bank. In this way, your application will be reviewed by the bank and a quick decision may be expected. Try to make the offer as soon as you can to fend off any interest from competitors. You may have only one chance of making an offer so be careful in fulfilling all the requirements.
