
	Click on the following areas to display on map: (to view Lee County REOs, visit LeeBankOwned.com ) Main Page \| Naples City \| Golden Gate City \| Golden Gate Estates \| Greater Naples \| Bonita Springs
	7 Steps to Close 1. Get me a ‘proof of funds’ or pre-approval letter - No bank will accept an offer without one of these. For immediate pre-approval call Brad King at (239) 822-6338 or email Brad at Brad@BradKing.biz 2. Find the right property – Consider my list of REO’s a great starting point. If I consider you serious you will be notified of properties that meet your criteria prior to listing. We will have an offer ready before any on else even knows the property is listed. 3. Submit an offer – All offers will be written on what is called an ‘AS-IS’ contract. The seller will make no warranties about the property. The home will come as you see it. So, if there is no refrigerator don’t expect one to be there when you close. Remember, this is a bank in Idaho or somewhere. They don’t know anything about the property. They just want it Sold. 4. Await seller response - The bank will do one of these 3 things. a. *Accept* – In the case the seller verbally accepts you can consider your deal pretty solid. However, they will NOT sign the contract you put forth. Instead, the seller writes the exact terms they agreed to on their own contract or addendum. They will have you sign this and submit. b. *Reject* – In this case, your offer was just not strong enough. They may have already accepted another offer or just are not that desperate yet. c. *Reject and ask for ‘Highest and Best’ offer* - In this instance, the seller is in receipt of multiple offers. Their position has improved and they will ask all buyers to resubmit their strongest offer. Typically offers improve. Remember, the property is still probably coming at a discount. Measure value against realism. 5. Have an inspection – We will hire a professional to go through these thoroughly and be sure that the property is in fair condition with no unexpected latent defects. If something arises, we have a period where we may cancel the contract in ‘buyer’s sole discretion’. If you prefer, we can ask the seller for a monetary concession. 6. Position funds - If you are a ‘cash buyer’ have funds ready to close. If you are getting a mortgage make an immediate application with the lender. 7. Hire an attorney – This is not your typical real estate transaction. We need to be sure a professional attorney is looking out for your interests, not the seller’s. Tim Ryan, Realtor \| Amerivest Realty \| www.NaplesGuru.com \| www.BankOwnedNaples.com \| www.LeeBankOwned.com Office:239.963.4070 \| eFax: 239.687.4427 \| info@NaplesGuru.com
7 REO Secrets - My eBook (pdf) Buying REOs - A guide to buying bank owned properties 7 Steps to Close - Taking you through the closing process step by step FAQs - Your most common questions answered here What is a Short Sale? - Short Sales Explained LeeBankOwned - View Bank Owned Properties In Lee County (Estero, Fort Myers, Cape Coral, Lehigh Acres, etc.)

7 Steps to Close

1. Get me a ‘proof of funds’ or pre-approval letter - No bank will accept an offer without one of these. For immediate pre-approval call Brad King at (239) 822-6338 or email Brad at Brad@BradKing.biz

2. Find the right property – Consider my list of REO’s a great starting point. If I consider you serious you will be notified of properties that meet your criteria prior to listing. We will have an offer ready before any on else even knows the property is listed.

3. Submit an offer – All offers will be written on what is called an ‘AS-IS’ contract. The seller will make no warranties about the property. The home will come as you see it. So, if there is no refrigerator don’t expect one to be there when you close. Remember, this is a bank in Idaho or somewhere. They don’t know anything about the property. They just want it Sold.

4. Await seller response - The bank will do one of these 3 things.

a. Accept – In the case the seller verbally accepts you can consider your deal pretty solid. However, they will NOT sign the contract you put forth. Instead, the seller writes the exact terms they agreed to on their own contract or addendum. They will have you sign this and submit.

b. Reject – In this case, your offer was just not strong enough. They may have already accepted another offer or just are not that desperate yet.

c. Reject and ask for ‘Highest and Best’ offer - In this instance, the seller is in receipt of multiple offers. Their position has improved and they will ask all buyers to resubmit their strongest offer. Typically offers improve. Remember, the property is still probably coming at a discount. Measure value against realism.

5. Have an inspection – We will hire a professional to go through these thoroughly and be sure that the property is in fair condition with no unexpected latent defects. If something arises, we have a period where we may cancel the contract in ‘buyer’s sole discretion’. If you prefer, we can ask the seller for a monetary concession.

6. Position funds - If you are a ‘cash buyer’ have funds ready to close. If you are getting a mortgage make an immediate application with the lender.

7. Hire an attorney – This is not your typical real estate transaction. We need to be sure a professional attorney is looking out for your interests, not the seller’s.