San Diego Homes/ Real Estate Listings. MLS listings San Diego
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Getting Your Offers Accepted on Bank Owned Homes in San Diego
There are several important things that banks are looking for in the offers that they accept on their REO properties.
Price- Just like any seller banks are trying to get the highest possible price for their properties so making an intelligent offer is extremely important. Many times these properties will have multiple offers and will accept the highest and best offer that comes in, so making your best offer the first time is a wise choice when you may not have another chance to increase the price you are offering.
Length of Escrow- Banks are very sensitive to how long these properties stay on their books. The shorter the length of escrow the more the banks like it. Writing your offer with as short of time periods for contingencies and escrow as possible will give you an edge.
Buyer qualification- Banks need buyers who can close escrow, this is one of the reasons they typically require 3rd party pre-approvals in addition to the pre-approval from the lender the buyer is working with. Having a full underwriting approval from your lender can help streamline this process, as well as reassuring the Seller’s agent that you are truly qualified to buy the home.
Experienced Agent representing the buyer- Most bank-owned homes will have multiple buyers competing for the property. This puts the Seller’s agent in a precarious position, if the agent advises the seller to accept an offer and that escrow falls apart the agent will lose credibility with the bank (potentially resulting in less business for that agent). So listing agents on REO properties are looking for buyers with agents that know what they are doing because those agents have better qualified and educated buyers that are more likely to close escrow.
We would love the opportunity to speak with you in more detail about how are clients are becoming the winning buyers on many of these Bank Owned Homes in San Diego.
