What to Expect When You Make An Offer

Many real estate agents and buyers do not understand the process of buying a foreclosure. In the hopes that this section will help you both, we've decided to list the forms that are required in order to submit an offer.

You may want to get all of your company's required forms signed at the time of writing an offer, but you don't need to send them to us as the bank doesn't want to see them all and won't review a thirty page document.

If you want to submit an offer, please understand that it can take up to two weeks for a bank to respond - so even if you write an all-cash seven-day offer that won't speed up the process. Also please understand that if the price is $500,000 (for example), an offer of $200,000 will most likely not be considered. REO's are priced properly in the beginning so when you submit your offer please  make sure to have your agent do the comps and write a reasonable offer so that it will be considered. Banks are inundated with offers to purchase their foreclosures and have many listing agents and properties for sale, so if you want the property that you're writing an offer on the key to getting it is PATIENCE, and that you write an offer that's reasonable in this market.

Here's the list of paperwork to send over when you decide to submit an offer to purchase:

• Residential Purchase Agreement and Joint Escrow Instructions
• Buyers Inspection Advisory
• Disclosure of Agency Relationships
• Wood Destroying Pest Addendum
• Pre-approval Letter and Proof of Funds for the Balance
• Contact Information for the Agent Submitting The Offer

DO NOT SEND:

• Statewide Buyers and Sellers Advisory
• Company Disclosures
• Local Area Disclosures
• Disclosure and Consent for Representation of More than One Buyer or Seller

Thank you, and please know that upon receipt of your offer we will submit the offer to the Lender that is handling the property you desire to purchase. And we will stay in contact with your agent. Please also know that these properties are being priced to sell "as-is" and that you should always conduct a physical inspection of the property.