7 sure fire ways to increase your chances of getting your offer accepted on an IRVINE foreclosure.

by Robert Mack on August 12, 2009

in Irvine Real Estate

Let’s face it…..most people associate a “good deal” with a bank owned foreclosure, especially in Irvine, California. Currently there are only a handful of bank owned homes in Irvine, at only 9 total. Irvine foreclosures are sold just as fast as they are listed, especially if they are priced to sell, which most of the time – THEY ARE! A prospective buyer will face stiff competition when bidding on these homes so I have come up with 7 ways to increase your chances of actually getting your offer accepted!

1. Get your financing in order – Whether you plan on purchasing the home all cash or you plan on obtaining financing, have the necessary paperwork on file and ready to submit along with the offer. If you plan on purchasing using all cash, have your bank statements ready to verify the funds are in your account. If you plan on obtaining financing, make sure you have a direct lender pre-approval.

2. Be the first, or one of the first to see the home and submit the offer quickly – The early bird gets the worm and it is not just a cliché in this instance. The best bank owned homes are selling within the first day of being on the market, so make sure you don’t miss your chance.

3. Submit a strong offer – The banks will normally list the home 5-10% below market value to obtain multiple offers. It is your agent’s duty to help you determine fair market value, and help you submit an offer at that price.

4. Keep the offer simple – The banks just want to know the net to them after the sale. Try to keep the offer straight forward and simple. Avoid asking for credits, home warranty, termite inspection, etc. The less overall cost to them, the higher your chances of getting acceptance.

5. Submit a complete package – In almost every case, the listing agent will request the offer be submitted along with other required documents. Make sure you do not leave anything out, or you run the risk of your offer not even being reviewed by the seller.

6. Follow up and request confirmation – It is not uncommon for the listing agent to receive any where from 20-80 offers on a home, depending on how aggressive the price is. Follow up with the listing agent to confirm receipt of your offer.

7. Feed the listing agents ego – It doesn’t hurt to kiss a little butt here and there and quickly build rapport. I have in several instances pushed my clients offer through, even though it was lower, just because the listing agent felt comfortable with me and wanted to work with me throughout the transaction. Be humble and courteous and it just may pay off!

To learn more about IRVINE foreclosures or for any questions or concerns, please contact the Mack Team using the contact tab above! Good Luck!

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Post by Robert Mack

Robert has written 727 articles.

{ 4 comments… read them below or add one }

Herand August 13, 2009 at 3:10 am

Hello Robert;
This was an interesting blog. However, I’m sure a lot of potential buyers already know most of the seven points you mentioned. I have one question and one comment, if I may:

Question on item #3
You mentioned banks are listing 5-10% below market price to get offers. How much more can I, as an interested buyer, lower this already-low percentage without the risk of offending the selling institution? I don’t want to sound silly, just a curious question.

Comment on item #4
I LIKE THE SOUND OF THIS POINT because these costs are minimal and the buyer can do it himself/herself at a later time when he/she owns the house. I think it’s a good point, and I’ll keep it in mind. Get it while the chance is there. Little trifles like pest or termite inspection costs are negligible compared to your purchase.

Thanks a alot.
H.

Kenny Hayslett | Tampa Bay Real Estate May 27, 2010 at 7:31 pm

I like this blog, I think your seven points are great as well. Thanks for this blog.

Newport Beach Realtors August 31, 2010 at 12:56 pm

Thanks you so very much Robertmack! A really great article for people in trouble. I like all things piked and would try to come here time and again for more updates. Great Job!

robertmack September 1, 2010 at 10:46 pm

thx!

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