Buyer Checklist
REO Buyer Checklist
Items banks require with any offer (we strongly encourage you to be prepared prior to previewing property in order to avoid delays in being able to present your offer to the bank):
A) If you are planning on paying cash for the property
1. Proof of funds- bank statement or another form of documentation verfiying you have the funds available to close escrow (purchase price + any closing costs).
2. Copy of deposit check- a personal check or cashiers check, made out to the title company of your choice, will need to be provided when you make your offer. A copy of the check will be included with the offer to the REO bank. The check will remain in our office's trust fund until the offer is accepted, at which time it will be deposited at the title company. If the offer is not accepted, it can remain in the office's trust fund for a future offer or can be returned to you upon your request.
B) If you are planning on obtaining financing
1. Preapproval letter- you will need an approval letter from a mortgage broker or mortgage bank. If you do not have a relationship with a lender we have three lenders that our buyers have used in the past and are confident they will provide you with excellent service. You will likely need to fill out a loan application and provide items such as: tax returns, pay stubs, social security number, monthly expenses, and any other pertanent financial information. Once you have all this information together it may take a day or two to get the approval letter.
2. Proof of funds- bank statement or another form of documentation verifying you have the funds available to close escrow (down payment + any closing costs).
3. Copy of deposit check- a personal check or cashiers check, made out to the title company of your choice, will need to be provided when you make your offer. A copy of the check will be included with the offer to the REO bank. The check will remain in our office's trust fund until the offer is accepted, at which time it will be deposited at the title company. If the offer is not accepted, it can remain in the office's trust fund for a future offer or can be returned to you upon your request.
