We wanted to give our realtor community who maybe a little new to writing offers on REO property in Riverside, California a couple of helpful tips. In Riverside, REO properties are getting multiple offers and thats putting it lightly. One property received over 100 offers!

Needless to say you need to make sure you are submitting a solid offer with no mistakes to even be considered. So to help as much as we can here are some tips...

1. Don't Lowball Offers - Most  Riverside, California REO listing agents are under instructions to take the highest and best offer!

2. Many REO lenders change the inspection days from 17 days to either 7 or 10 days. SO YOU MIGHT AS WELL BE A HEAD OF THE GAME AND CHANGE THE ALLOTTED DAYS FOR INSPECTION YOURSELF TO 7 DAYS!

3. Many banks (especially of BofA) will require that your buyers "cross-qualify" with either them or their preferred lender! They are doing this because they want to recapturethe asset. Right now they have a non-performing asset on their books, and when the home sells they loose the asset completley! Banks like having assets and they want to recapture as many as possible.

4. Make sure you complete the offer! You wouldn't believe how many offers are signed by are completley blank!

5. DON'T SUBMIT CONTINGENT OFFERS! MOST BANKS WILL NOT ACCEPT THEM.

6. Provide a reasonable Close Of Escrow date. Many agents say they can close 30 days from now but they forget to take into account the lender and how slowly they can move. Most Riverside, California REO Listing Agents we deal with reccomend a 45 day escrow!

Well, that's it for now. Hopefully these tips prove helpful and remember:

Keep us in mind when you are writing your contracts!