A complete offer on an REO Property should include at least the following:

• Cover form with the buyer's agent's full contact information (including name, direct phone number and email)
• Completed offer form signed by the buyer and buyer's agent
• Prequalification letter or proof of funds
• A copy of the buyer's offer deposit (only a copy is necessary with the offer)
• Any additional forms signed & completed which are specific to the seller of the property (agents should refer to the Showing Instructions for the property in MLS for this information)

Please keep the following guidelines in mind when submitting an offer on an REO property:

• The vast majority of corporate sellers request that either proof of funds (for cash offers) or an up to date prequalification letter (for financing offers) be provided with the initial offer. Proof of funds should be dated within 30 days of the offer date and can be in the form of a bank statement (with confidential information omitted) or a letter from a bank representative. The proof of funds must show that the buyer has available funds for at least the purchase price amount.
• The offer form should clearly include all contingencies, such as:
• Whether the buyer wishes to complete inspections and, if so, which specific inspections does the buyer wish to perform
• The specific financing type (if prequalification letter does not specify) and the down payment amount
• Closing cost credit that the buyer is requesting the seller pay
• Certain sellers have specific requirements above and beyond the normal offer submission process. Often times, the seller cannot review or respond to the offer if these instructions are not followed. Examples include but are not limited to:
• Seller specific addendums or disclosures that must be signed by the buyer and included in the offer
• Offer must be in the form of a Purchase & Sales Asgreement as opposed to a standard offer form
• Offer must indicate if the buyer is an investor or owner occupant
• **A number of corporate sellers implement a "wait period" when the property is first listed and only owner occupants can be considered at that time. For example, the property must be on market for a total of 15 days before an offer from an investor can be considered. The showing instructions of the MLS listing will state if a wait period is in effect for specific property.**

It is important to note that it can take at least 2-3 business days for an offer response from a typical corporate seller, however it would not be unusual for it to take longer. The listing office will update you on the offer as soon as additional information is provided.

It is also very important, as an agent, to refer to the MLS Showing Instructions for each specific property. Vital offer requirements for that specific seller will be listed there. In order to ensure the quickest turn around time on your offer, double check to make sure all seller requirements for offer submission have been met.