The steps I highlight below are critical to the complete REO / Bank Owned property process, especially if you have never been through this process. I will guide you through this process step-by-step with the "Real and Achievable" goal of you acquiring a home that meets your needs, desires, and price range. This is a highly collaborative process and a team effort. Note: Buying REO / Bank Owned properties can take 2-4+ months with little to guarantee until the offer is accepted and processed. When you find a home that you like, I highly recommend you make a reasonable offer in order ASAP. Good credit and a good size down payment is recommended to make you stand out amongst the many who will make offers. Low-ball offers are typically not considered but can be negotiated if the property is having difficulties selling.

1. Identify a lending institution (a "Reliable and Dependable" lender is very important; I have recommendations)
2. Get qualified from the leading institution (this determines your maximum loan amount; qualification must be in writing)
3. Determine your down-payment (available "Seasoned" cash referring to evidence of monies in your possession for at least 6 months; should not be borrowed money)
4. Identify key information by answering the following (It's difficult to find everything you want in these types of homes; be flexible and open-minded!)
   • When do you need to be in the home?
   • What is you desired city? What is your 2nd and 3rd choices?
   • How many bedrooms? bathrooms?
   • Identify any limitations on number of floors (1 story, 2 story, or 3 story)
   • Do you need a large or small yard?
   • Do you have a specific elementary, middle, or high-school preference?
   • Do you have any special requirements or needs
5. Arrange for an office interview (it's very important I understand your requirements; takes approximately 60 minutes)- I will prepare a comprehensive listing of available homes meeting your requirements
   
6. Review list; identify homes you wish to visit; schedule an appointment to show you the homes (typically 1-3 hours per session)
7. BRING YOUR CHECK BOOK! (It's important you are ready to make an offer at anytime)
8. Repeat steps 6 & 7 until we find the home (estimated 1-3 weeks)
9. Make a reasonable offer (I'll review your options so you are successful in getting your offer accepted without over paying; low-ball offers are a waste of everyone time; don't quibble over a few dollars
10. Wait, wait, then wait some more (waiting weeks or even months is not unusual; be patient; you will likely not know where you stand until the final decision is made)
11. Get to the final number (negotiations is limited; please be flexible!)
12. SOLD! - I'll coordinate the opening of Escrow (typical escrow is 14 to 45 days; I will explain the entire process and keep you up-to-date)
13. Move in (or starting fixing up) and enjoy!

Note: REO / Bank Owed properties are sold "As-Is" so inspect the property very closely. It's VERY VERY VERY important you understand what you are buying as well as understand any additional "Fix-up" cost you will need to expend. If you're planning to make low-ball offers, you will likely waste months and months of valuable time will very little results. I've sold many REO / Bank Owned properties so please heed by suggestions.