using a buyers agent, i sent a 10 page PA, and the sellers addedums, along with a pre-approval letter and a copy of an earnest check.
I have had good luck with also sending photo’s of the home (oddly enough they tend to put the home in a less than good light) and a forfiet letter from the seller. This letter states, I won’t be making any payments on this home, I can’t make any payments on this home, I don’t want to make any payments on this home and this is not negotiable, I don’t want to live here any more.
Just my two cents,
Ray
Darren, sorry to hear the house is pending. You win some you loose some. Keep an eye on it. The deal may not go through. I almost picked one up a couple of weeks ago. I offered on it and lost to another bidder. The agent called me 2 months later and said it might be available again due to financing falling through. Unfortunately for me they got their act together and closed.
As far as sending a bunch of stuff with your offer: I guess it depends on who you are dealing with. If you are dealing with an REO agent good luck. They won’t take pictures etc. If you are dealing directly with the bank on a short sale you might have some luck.
As Ray said if you can develop a personal relationship with a bank or REO agent you will see more success. Most REO agents are pretty stand offish. The good ones though will give you the time of day.
There’s my 2 cents!
Hey folks…a few questions from earlier in this thread…
David, earlier you said, “…it does not take much effort to create an offer and email it.” I was wondering if you might clip out personal info and email me a copy of what you email to the bank? The reason I ask is the only offer I have seen is the one I submitted on my own house as I am just learning this process. I didn’t even know that you could submit an offer via email! Newbie talking…lol Anyhow, if not, I certainly understand…I am just curious.
Next, I see that you use the MLS to find deals. Since I dont have access to the MLS can you point me to the next best thing for us scrubs out here? Thanks for all the activity on this thread, it is making my learning curve a bit flatter…
Take care…
Aaron
Hi Aaron,
The only thing that I email the bank is a purchase agreement, agency disclosure (which identifies me as the buyer’s agent). As a Realtor I have what’s called zip forms. That is what I draft my documents from. Once that’s done I just save to a PDF attach to an email and also fax.
Aaron,
I just sent you docs.
David,
Are you emailing your package to the Bank’s listing agent or to the seller direct? I’m assuming to the LA, since most of the larger mortgage servicers use asset management companies to market their assets. I like the email idea, no one utilizes that in my area. And, is it Michigan law you have to submit a agency disclosure with your offers? Just curious, we do not have that requirement in FL.
thanks
I email the offer to the listing agent, seller or bank. Whomever I’m dealing with. Yes it is MI law that we have the agency disclosure.
Thanks David, I’ll take a look. I appreciate the help…
Aaron
Banks will never work within your timeframe. We have received excepted offers on 75 day old offers we forgot about and they suddenly want us to perform in the next 15 minutes. It is just the way banks work. I recommended accepting it, embracing it and continue to write offers.
Right, the banks pretty much work on their own timeline. I had an offer go in to the bank that expired within 72 hours. They came back a week later with a response so they really do not care about what timelines you are on and put into the contract.