Contracts, Bank REO's, and Agents *PERK* - Posted by HankTX

Posted by Mr Donald (NORVA) on October 19, 1998 at 16:51:14:

In most states, you can use your own contract to purchase real estate.

Realtors and Banks like to make the rules in their favour, hence their reluctance to let you use your own contract.

If it’s a bank owned REO, and you have a decent working relationship with your attorney at law who specialises in Real Estate, have them draft and forward the Contract to the Bank or Realtor directly.

That way they’ll know you mean business.

Mr Donald.

Contracts, Bank REO’s, and Agents PERK - Posted by HankTX

Posted by HankTX on October 19, 1998 at 14:17:45:

How important is it to have your own contract
when making offers through realtors to a listing
agent that has bank reo’s for sale?

If I send in several signed offers to agents
do I have a chance to make changes to the
contract if the bank accepts or do I have
to make all the changes beforehand or attach
an addenda?

Do banks accept contracts with addenda attached?

No matter what anybody else says I will keep looking
for my realtor. Persistence pays. =P


Re: Contracts, Bank REO’s, and Agents PERK - Posted by Jimbob

Posted by Jimbob on October 19, 1998 at 14:40:31:


You can certainly present your offers on your own contracts but chances are good they’ll need to be re-written on a MLS contract if the property is listed with a Realtor. They like to maintain consistency and dont want to have to go through reading all your verbiage when they already know their own.

If your offer is close to what the seller is looking for, they’ll let you know the contract needs to be re-written, this is not a bad idea however, because it gives them an idea of where you’re coming from in your offer.

Don’t forget to protect yourself with the typical escape clauses: subject to financing approval and inspections, etc.