Clean, affordable foreclosure listings are a hot item in Northern Nevada. Inventory is low, prices are on the up-swing & multiple offers becoming more common by the day. With that said, we see some mistakes being made out there and would like to offer some tips.
- Give it time. Buyers and agents would typically like to get a response from the seller within 24 – 48 hours. Generally not so in REO. In most cases 3 – 5 days is a more realistic expectation, and I often see good offers failing to get consideration due to the fact that the offer has expired before the asset manager (the bank’s selling representative) can get a look at it.
- Put your best offer on the table. Everyone likes to get a “good deal”. However, I often hear buyers say, “I would have offered more” in multiple offer situations, after they’ve lost out.
- Bring your check book. In most cases we must have proof of Earnest Money prior to submission. Those offers that don’t will often get overlooked.
- Get the preapproval letter. Again, often a mandatory prerequisite for submission to the seller.
- Waive the Property Disclosure. In Nevada, banks are not exempt from Real Property Disclosure. They will most often require the Buyer waive receipt of the prescribed and state mandated form. This waiver requires notarized signatures. Buyers and their agents should get this form completely filled out accept for the property address. Should you find the right home on a Sunday afternoon, it will sure make life easier with this form in the file.
- Please read the remarks. Most REO/foreclosure listing agents include clear instructions for submitting offers in the MLS, Private Remarks. Failure to follow these instructions will often cause the offer to get lost or overlooked.
This all seems pretty “common sense” in nature, but I’m amazed at how often one or more of these points are missed. Good luck and happy house hunting.
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