Working with a buyer that wants to place an offer on a bank owned property. I try and avoid working with buyers but this is a past client.

Have never placed an offer on a banked owned property so any advice how to write an offer & process would be greatly appreciated.

Did a search for tips on this, but all I found was REO agents complaining about agents asking stupid questions & not knowing how this process works. I don't want to be in the REO business, just want to help my client get what he wants.

If the property is listed the listing agent should have delineated in the MLS listing the process. For instance, in our listings we stipulate buyer must have pre-approval or proof of funds, addendums to follow accepted contract, etc. The listing agent should be happy you are writing a contract and assist you with it.

Thanks!

Was advised by listing agent, that bank will only accept full listing price offer. Plus, could take 3 to 6 wks for a reply. Sounds a bit crazy to me to sit around for that long. There are other units in same complex for just a few thousand more and don't expect full listing price offer.

I might be off, but all the hassel to save a few thousand dollars to get a bank owned property is not worth it........THEN it's at 2.5% too!

Are you sure that it is a bank owned foreclosure or a short sale pre-foreclosure? Contrary to popular belief amongst agents, there is a difference. The 1st is owned by the bank already and the response time you suggest in your post is ridiculous, you are right. However, in the 2nd scenerio the agent is absolutely right to advise you that. The agent has already spoken to the bank, knows the guidelines and it takes FOREVER to get an answer back. The seller is the homeowner and the bank is selling the loan amount owed short. That is the reason you can't negotiate the sales price. The discount has already been taken in the lenders mind.

Sometimes short sales can be a a bargain but in this market not always.