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Written by Greg Snow
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Monday, 16 February 2009 15:35 |
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Continued..... Your paperwork has been sent to the asset manager and after a period of time (always a fun time), you get a response. We are in Cape Coral, Florida, one of the leading fore-closure markets in the U.S, and the response is......"we are going to let you and the other multiple offerers give us "your highest" bid. This is a counter offer to as many people as offered on this property. At this point, you may feel violated, or worst and may already feel what you originally offered was fair. So avoid a major adjustment the price, but increase your escrow, maybe in increments after number of days, shorten closing date or inspection period, and remove any unnecessary obstacles to get the property(sometimes referred to as path of LEAST resistance). Remember, there are nearly 600 similar homes in Lee County, Florida(www.swflrealtors.com), so there are still many candidates for you here.
After the unpredictable period of time you are advised by your savy agent you are the Winner. Yeh! The next step is to read and sign an addendum which may be less than 20 pages (all written by corporate attorneys in most part in the lenders favor). Have your savy agent read and understand the time frames in the addendum for inspections, contingencies, closing, and any additional deposits. Hopefully, you and your raelly savy agent discovered this property will qualify for the type of loan you have been pre-approved for. Most of the closings for these properties are handled by attorneys instead of title companies. Since there is alot of these REO's in our state of Florida, there are less than perfect rapid recording times in the county's public records, so a week after closing, go online and see if you are the owner. |