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Guide for Consumers and Agents
Buying an REO / Bank Owned Property is different
Please read this information before writing an offer to help you
navigate the process. Thank you very much for your interest.
- Unless you can justify it through comparable sales, it is not worth
your time to write an offer substantially below list price. We
understand the buyer's desire to get a deal, yet we provide the banks we
represent with accurate market information and price the properties to
sell.
- All offers must be professionally written on standard contract
forms. Offers with few contingencies and short settlements will be
preferred.
- Banks require us to present offers to them on a summary form - which
is short. Include a cover letter with three or four things you'd like
us to convey to the bank on that short form.
- All REO properties are sold in AS IS condition (this includes
termites). Banks are not in the business to renovate or repair, but
rather price accordingly. Be sure all offers have an AS IS addendum
attached.
- It is strongly encouraged that all buyers inspect the property prior
to writing an offer to avoid the hassle of having to void the contract
later. Depending on the season, the property may be winterized, and
utilities turned off.
- Of course, we love to co-op with agents representing buyers.
- Offers submitted over the weekend will be sent to the bank Monday afternoon after review and a verified telephone conversation so be sure to leave good numbers to reach you.
- The volume of inquiries we get may prevents us from calling everyone
back - therefore, please email us at MyRealtor@JerelWashington.com with any
questions or offers. The email address is constantly monitored.
- All deposit money must be delivered to our office at 100 Canal Pointe Blvd, Ste #120, Princeton, NJ 08540 within 24 hours of offer acceptance or the Bank will Cancel the contract.
- Please leave the seller's name blank when writing your offer. The
information in the public tax record is unlikely to be correct.
- Banks will not pay commission to agents representing themselves rather all commissions will be paid to the Listing Broker.
- Many banks reserve the right to pay commissions based on the NET
sales price.
- The sellers are usually out of town banks and response time will likely be
several days. Written deadlines will be ignored by the bank.
- If your offer is accepted, the bank will require you to sign a bank
addendum. The language in the addendum cannot be changed. It may take a
week or more to get all documents returned ratified.
- Banked owned properties are exempt from property condition
disclosures.
- The property was acquired through foreclosure so title delays are
common. The buyer must be patient until the title is fully cleared.
- The buyer should re-key the property after closing for security
reasons.
More information on a case by case basis depending on lender!
Still interested in buying a Foreclosure or REO? Good... Click Here!
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