Bank Owned Properties - How to Buy
As Chicago's premier REO broker we manage and sell hundreds of homes, all over the Chicagoland area. This page is designed to explain the process of viewing, selecting, making offers, and closing on a property. Please be sure the read this page in its entirety. It will save you both time and energy.
Office line: 773.395.9999
Office Fax: 773.395.9553
Weekend phone: 773.416.8520
General REO email: email@example.com
As mentioned above, we manage hundreds of bank owned properties. Every property that is ready for offers is listed on the MLS. However, we have hundreds of properties that are NOT listed just yet. In some cases we can provide you with access to those properties even before they get on the market.
To get matched up with a realtor in our office to help you locate and view properties, please email firstname.lastname@example.org. Be sure to provide a working phone number and email address.
If you are already working with a realtor, please have her/him contact us for more information.
Do NOT contact the listing agent (Jason) for showings, access issues, etc. Please email email@example.com and someone will get back to you.
The process of making an offer on a bank owned property is not that different from any other properties, but there are a few differences as listed below:
- Offers must be accompanied by a pre-approval letter (if you plan on getting a mortgage), or Proof of Funds (if you're making a cash offer). We cannot submit offers without this.
- Note that certain sellers (banks) will require you to get pre-approved by a mortgage company approved by them. This is not Rising Realty's decision, nor is it a reflection of other mortgage companies. We are simply following our seller's instructions. You will NOT have to finance through those companies, only to get pre-approved by them. Our office will notify you if the property you're making an offer on requires a pre-approval from a specific mortgage company.
- Be as specific as possible with your first offer - if you're going to ask for repair credits, repairs, closing cost credits, etc. please make sure you list them in your initial offer.
- It normally takes 48-72 hours for sellers to respond to offers. In some cases it could take 7 business days or even longer.
- ALL earnest money must be in the form of certified funds or cashier checks. Sellers will not accept a personal check.
- Once an offer is accepted, the sellers will send us (and we will forward to you) addendums. No changes can be made to that document. Any change will result in the seller rejecting the addendum and sale.
- Perform your inspections on time. Avoid asking for extensions if at all possible.
- DO NOT contact the REO agent (Jason) to make offers. Fax to our office or email firstname.lastname@example.org
Other REO Notes:
- It could take up to a week (sometimes more) from the time a seller accepts an offer verbally until we have all paperwork signed by the seller and buyer. During that time the property will still show as Active on the MLS. If you made an offer while the property is still active only to find out it's now showing as 'Pending', please understand.
- Please do NOT contact the listing agent (Jason Shapiro) for showing requests, offers, etc. Contact our office. If the property is listed and you are an agent, follow the showing instructions in the listing sheet. If you are not a realtor, contact our office for showings.
We submit EVERY offer we get, in the exact order in which it was received. Our clients decide who they go with. Once they accept an offer, they rarely look at others, even if they are higher.
Good luck in your search for your next home and/or investment property.