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Old October 7th, 2013, 10:22 PM   #31
gofastbobby
The guy Dale doesn't know
 
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Join Date: 03-10-07
Location: kalamazoo, mi
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Get set up with a local credit union or bank first, if it's being financed. Sit down and interview the loan officer and explain that you expect to close on the house you find, be it this one or the next one, in less than 30 days and that you expect them to work for your best interest. If they say it'll take longer, find another local bank or credit union. The good bank will be happy to help you close quickly.

If your "guy" is a realtor, tell him to man up and represent your best interests or fire him. He's worthless to you telling you to offer $35k on a $38,000 bank owned property thats 6 months stale. Interview a few agents and explain to them the same thing you did the bank. Again, a good and experienced realtor will gladly get you closed on a house in less than 30 days, bank owned property or not.

Once you've locked those up, make an offer on the house. Understand that in most cases there are three or more offers/counteroffers before you get an accepted offer. A popular real estate author, put it best as far as I'm concerned, "the first offer is supposed to be an insult." Offer low, 60-75% of asking price, ESPECIALLY if its been on the market longer than 30 days. In the realtor world, if your client's house doesn't sell in 30 days it's time for a price drop, 6 months is an eternity.

So...Offer low, confident you can close in less than 30 days, with financing to back you up and you'll find a deal.


FWIW in my realtor days, I've closed many bank owned properties and short sales in less than 30 days by working with good clients and able local loan officers/title companies. I closed a short sale in 10 days with a cash offer of $22k on a $36,000 house(there was over $80k owed on the house). Cash is king, but a close 2nd to that is a good loan officer at a local credit union or bank. I've also closed a "big bank" owned house in less than 25 days with a local credit union financing the deal. It can be done with good representation.

I cannot stress the small local bank thing enough if you are financing this house.

Good luck and I hope you get the place of your dreams, be it this one or the next one.
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