The following are the most common mistakes I see from agents not accustomed to working with REO properties.  From my experience, the majority of agents make at least one of these mistakes, so I hope this list is helpful.

1)  Agent only remarkson MLS do read it. Many listing agents will have directions on how to write an offer

2) Financing preapproval:  Proof of all cash funds required with all offers.  You may black out the bank account numbers for cash offers. Some banks I work with requires all buyers to get preapproved from their loan officer.  They do not require the buyers to borrow through them, but want to make sure there are no problems down the road.  Don’t ask for more than 20 days financial contingency

3) Bank will direct title and escrow: leave it blank or enter “sellers choice” when writing an offer.

4) Earnest money:Do include a copy of the earnest money deposit with your offer. Write the check to selling brokerage initially. No promissory notes

5) Legal description: Print it out from MLS and submit it with your offer

6) Don’t check the wrong box under seller disclosure: The sellers (the bank) have never seen the house and can’t disclose anything to you. Inspections and or pre-inspections are always encouraged

7) Offer expiration date: This is my favorite. Please allow at least 3 business days for the offer expiration date.

Contingent offers: No offers contingent on the sale of another house, or the closing of a pending offer

9) And or Assigns offers: Not allowed under any circumstances

10) Not being friendly and cooperative.  I think this one applies to any transaction. Don’t step on agents toes. Really, it won’t get you anywhere.

There will be part two to this blog on what to expect after offer is submitted. I hope this list will help you.