Lets take a second to explore one of the more common questions I am receiving today…why was my offer not accepted? I hear this from cooperative agents, and even worse, their clients who contact me. I hate when that happens as you will see the answer often lies in what their agent did not do for them. I do not want to go there with somebody else’s client so I have to avoid the question or send them back to their agents.
Here are a few of the more common reasons offers are not accepted:
Not Completing a Purchase Agreement Correctly-Or At All! Not sure what happens but some agents think because these are bank owned homes, and there will be an addendum that muct be executed, that little details like financing contingencies, dates to close, and inspection requests are not important to detail in the purchase agreement. Even worse, lets just leave every blank blank! Tip-if it does not apply enter NA (Not Applicable) so there is no doubt what you are trying to propose.
Offer is Not Submitted Per The Instructions- Between the Realtor remarks in the mls and the info posted at www.BuyWilmothREO.com, we lay out the correct way to submit any offer. If a proof of funds is required, and what exactly that means is available in writing for your review, but you still submit one that is from a bank account one year ago…I am sorry but you are telling us alot about the way you will execute a REO sale. Banks don’t want to mess with people who can’t follow instructions. They just as soon keep the home on the market looking for somebody who can.
Be Specific in Your Offer- It is really simple..the bank is looking at a net sheet to determine the best offer. Neither the listing agent or the bank knows what the concession is worth that just says “Seller to pay Buyer’s closing costs” or “Seller to provide an XYZ Home Warranty”. So what? Tell us how much is the concession in dollars, not even percentages.
Your Offer Is Presented In Such A Way That The Impression Is You Have Never Done This Before. Lets start with emailing an offer..with each page its own jpg file of 1mb and a total email sent with 20 files at this size. Is there anything that screams louder than this is an agent who is not ready to work with bank owned properties? Do you think we just have somebody in our office waiting to open one attachment at a time and print and then collate? No, we will send that offer back and guess what? Your Hotmail account will bounce it because it will not accept a 20mb email and then you wonder why your offer was not accepted? This is just one example.
Here is a clue..even if this is your first bank owned property…do everything you can to make it look like you do this everyday. It is by far the best thing you can do to give your buyer the best opportunity to purchase the home.
