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By :Hello there,I've been a long time reader of the blog and it has given me great surppot in waiting for the right house to buy. I have found an REO recently and am interested in making an Cash offer. Not sure if it could work out and i hope i can get some advices here. a couple questions:1. Do i have to have the money ready when making the offer? Or I can have some time to get the money ready? and if yes how much time I may have?2. Should I order an inspection before making the offer? and how much discount can i go with the offer? 10% off listing or assessed amount? The house seems to be in good condition although all utilities have been Winterized.3. Do I need to provide proof of funds for the cash offer?Really appreciate any input!1. When you make the offer there will be a date when you are proposing that the deal closes, finalizes. You won't need the money until then, except for the earnest money, typically in the neighborhood of 2% of the purchase price. If you're paying cash, it should be able to close in 2-3 weeks, so you'll need to have the cash a couple of days prior to the closing date.2. If it were me, I'd make the offer contingent on the inspection, and do the inspection after the offer was accepted, and arrange to have the utilities turned on, dewinterized for the inspection. How much discount you should offer should have nothing to do with the assessed amount at all, since assessments are all over the map. You can do some comps using a site like Redfin or ask a friendly real estate agent to some a little more in depth to find what the current market value should be, and then offer less than that. REOs aren't all priced the same. Some are too high, and some are priced to sell quickly. That you'll be paying cash should be worth something of a discount, but you shouldn't offer less than asking price just on general principle. it should more depend on the current pricing.3. Absolutely yes, either a preapproval letter from a lender, or in you case proof of funds. Rate this comment: 0 0
By: | Aug 05, 2012 | Report Comment
embursted
margaretz
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