Buying a Bank Owned Property (REO - Real Estate Owned) is not like buying a regular home.

Please read this information before writing an offer to help you navigate the process.  Thank you very much for your interest.

  1. Unless you can justify it through comparable sales, it is not worth your time to write an offer substantially below list price.  We understand the buyer's desire to get a deal, yet we provide the banks we represent with accurate market information and price the properties to sell.
  2. All offers must be professionally written on standard contract forms.  Offers with few contingencies and short settlements will be preferred.
  3. Banks require us to present offers to them on a summary form - which is short.  Include a cover letter with three or four things you'd like us to convey to the bank on that short form.
  4. All REO properties are sold in AS IS condition (this includes termites).  Banks are not in the business to renovate or repair, but rather price accordingly.  Be sure all offers have an AS IS addendum attached.
  5. It is strongly encouraged that all buyers inspect the property prior to writing an offer to avoid the hassle of having to void the contract later.  Depending on the season, the property may be winterized, and utilities turned off. 
  6. Of course, we love to co-op with agents representing buyers.
  7. Offers submitted over the weekend will be sent to the bank Monday.
  8. The volume of inquiries we get prevents us from calling everyone back - therefore, please email us at eddie@gutierrezhomes.com with any questions or offers.  The email address is constantly monitored.
  9. All deposit money must be delivered to our office at  4942 Main Street Bridgeport, CT 06606 within 24 hours of offer acceptance.
  10. Please leave the seller's name blank when writing your offer.  The information in the public tax record is unlikely to be correct.
  11. Banks will typlically not pay commission to agents representing themselves.
  12. Many banks reserve the right to pay commissions based on the NET sales price.
  13. Response time on offers will likely be several days.  Written deadlines will be ignored by the bank. 
  14. If your offer is accepted, the bank will require you to sign a bank addendum.  The language in the addendum cannot be changed.  It may take a week or more to get all documents returned ratified.
  15. Banked owned properties are exempt from property condition disclosures.
  16. The property was acquired through foreclosure so title delays are common.  The buyer must be patient until the title is fully cleared.
  17. The buyer should re-key the property after closing for security reasons.
  18. Call us with any questions...203-257-9954