12 Facts Nobody Told You When Purchasing Bank Owned Foreclosed Properties
What to expect when purchasing Bank Owned Foreclosed Properties
9. There are NO sellers disclosures provided with a bank owned home. The bank has no information on the condition of the home or when any repairs or updates have been performed, if any. You can pay to have your own private inspection done by an inspector of your choice.
10. Banks prefer to close on a property within 30 days of an accepted offer.
11. You will need a mortgage PRE-APPROVAL and loan program chosen when making an offer on a property. They will not look at an offer without a current pre-approval from a reputable lender. In fact, most banks require that you get pre-approved through their lender as reassurance you qualify for a loan. You do not have to go through their lender, but some banks require you to be pre-approved by heir own lender of choice to be considered on an offer.
12. Many bank properties have MOLD issues due to no utilities being on, and the potential of a water pipe bursting due to cold weather conditions and flooding may have occurred. This may have allowed mold to form in the drywall. The bank WILL NOT remedy this issue.
Freddy Solis RealEstate.com, REALTORS® Mobile: 703-943-7844 FreddySolis.com
12 Facts Nobody Told You When Purchasing Bank Owned Foreclosed Properties
4.Banks look for the cleanest offer with the LEAST amount of contingencies.To make your offer strongest you can waive the offer contingent upon a successful inspection, and waive the contingency to get your mortgage obtained.
5.They look for an offer with a large Earnest Money Deposit to ensure you are a very serious buyer.
6.Most banks will ask for a response back from the buyer within 24 hours, if the bank counters your offer or the deal is void.
7.Bank owned homes are sold AS-IS. This means they will not provide any repairs or changes to the home. You are welcome to do a home inspection though.
8.After submitting an offer the bank will respond within 2 days to 2 weeks on average. Usually the better your offer is the faster they respond. If they take two weeks to respond it's usually because it was a very low offer.
12 Facts Nobody Told You When Purchasing Bank Owned Foreclosed Properties
What to expect when purchasing Bank Owned Foreclosed Properties
1. In many instances the home will sell AT or OVER the asking price. If they list the property well under value right out the gate, get ready, there will be a flock of people with multiple offers. It's like eBay, John isn't going to let Paul buy the house for pennies on the dollar without putting in a higher bid. Sometimes the house ends up selling for more than market value, just because of the excitement and emotions of multiple offers. The banks will list a home priced below true market value, as an aggressive starting point to attract multiple offers and they are guaranteed the house will sell within one week. When multiple offers occur on a property, they will ask all buyers with offers on the property to then bring their "HIGHEST and BEST offer and the best offer gets the home.
2. Banks accept offers within 5%-10% of asking price within the first 30 days on the market, NOT 50% of their asking price. The most common misconception is that banks are desperate and will take anything. NOT TRUE! The banks will reduce the price every 30 days usually until the house sells. The bank will do one of three things after they receive your offer: They will REJECT your offer, if they feel you are not a serious buyer, ACCEPT your offer, or COUNTER your offer. While these negotiations are happening the bank will be looking at all other offers that come in and they can accept any other offers.
3. The bank will look at the how you will be paying for the property. Cash is always best. When financing they look at the type of loan you are financing the mortgage with: Conventional, FHA or VA, and the amount you are putting down on the property. Conventional mortgages can usually close sooner and have the least amount of contingencies.
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What was she thinking this is Pennsylvania a state where the majority are supporters of the Democratic party. Sarah Palin dropped the puck at Saturday night's Flyers game. She was roundly booed when she stepped onto the ice. Next time she needs to make sure she invites all her Republican supporters to the game and keep all Democrats out.
Each year Hispanic Business publishes a list of the top 500 Hispanic-owned businesses. In 2008, 11 Fairfax County firms were named to the list. Together, these companies generated $400 million in revenue and employed 4,895 workers in 2007.
Hispanics have been making a difference in Fairfax County, creating jobs and contributing with progress and keeping Virginia's economy at a top level among states.
Great information to prevent being one of the victims. Thives are being so clever I would have been never suspected they are trying to steal something from me.
I'm Glad I read this here in AR. Membership does have its rewards.
This one is pretty slick since they provide YOU with all the information, except the one piece they want. Please note that this was verified on www.snopes.com to make sure it is true.
Note, the callers do not ask for your card number; they already have it. This information is worth reading. By understanding how the VISA & MasterCard Telephone Credit Card Scam works, you'll be better prepared to protect yourself.
One of our employees was called on Wednesday from 'VISA', and I was called on Thursday from 'Master Card'. The scam works like this: Caller: 'This is (name), and I'm calling from the Security and Fraud Department at VISA. My Badge number is 12460. Your card has been flagged for an unusual purchase pattern, and I'm calling to verify. This would be on your VISA card which was issued by (name of bank). Did you purchase an Anti-Telemarketing Device for $497.99 from a Marketing company based in When you say 'No', the caller continues with, 'Then we will be issuing a credit to your account. This is a company we have been watching and the charges range from $297 to $497, just under the $500 purchase pattern that flags most cards. Before your next statement, the credit will be sent to (gives you your address), is that correct?'
You say 'yes'. The caller continues - 'I will be starting a Fraud investigation. If you have any questions, you should call the 1- 800 number listed on the back of your card (1-800-VISA) and ask for Security.'
You will need to refer to this Control Number. The caller then gives you a 6 digit number. 'Do you need me to read it again?'
Here's the IMPORTANT part on how the scam works. The caller then says, 'I need to verify you are in possession of your card'. He'll ask you to 'turn your card over and look for some numbers'. There are 7 numbers; the first 4 are part of your card number, the next 3 are the security Numbers that verify you are the possessor of the card. These are the numbers you sometimes use to make Internet purchases to prove you have the card. The caller will ask you to read the 3 numbers to him. After you tell the caller the 3 numbers, he'll say, 'That is correct, I just needed to verify that the card has not been lost or stolen, and that you still have your card. Do you have any other questions ?' After you say No, the caller then thanks you and states, 'Don't hesitate to call back if you do, and hangs up.
You actually say very little, and they never ask for or tell you th e Ca rd number. But after we were called on Wednesday, we called back within 20 minutes to ask a question. Are we glad we did! The REAL VISA Security Department told us it was a scam and in the last 15 minutes a new purchase of $497.99 was charged to our card.
Long story - short - we made a real fraud report and closed the VISA account. VISA is reissuing us a new number. What the scammers want is the 3-digit PIN number on the back of the card Don't give it to them. Instead, tell them you'll call VISA or Master card directly for verification of their conversation. The real VISA told us that they will never ask for anything on the card as they already know the information since they issued the card! If you give the scammers your 3 Digit PIN Number, you think you're receiving a credit. However, by the time you get your statement you'll see charges for purchases you didn't make, and by then it's almost too late and/or more difficult to actually file a fraud report.
What makes this more remarkable is that on Thursday, I got a call from a 'Jason Richardson of Master Card' with a word-for-word repeat of the VISA scam. This time I didn't let him finish. I hung up! We filed a police report, as instructed by VISA. The police said they are taking several of these reports daily! They also urged us to tell everybody we know that this scam is happening.
Please pass this on to all your family and friends. By informing each other, we protect each other
Would anyone part of the AR Network be posting, just because they like to share their experiences and knowledge to the world if the point system was terminated today?
No point system. That is very hard to imagine at this time, the reason I got caught up with blogging in AR was the point system and how you move up to be the number one in your location/city after posting and sharing so many times. It has taken me some time to get the little points I have, but I plan to contribute my experiences and knowledge with more postings, hopefully giving me a better chance to be seen by buyers and sellers as an agent they would like to contact to help them with their real estate needs.
So far it has been OK I have been contacted by three prospects one of them for sure wants to buy and has become my client, the others are looking and thinking about buying, and I continue to send them information, but I want to get more leads and that is what drives me to keep posting in AR, I have my motivation.
Do you complain about the AR point system, I think the system is great, it keeps us coming back. We know it is not perfect, but please, if you have over 50,000 points and you are upset because they failed to give you 25 points right away, give the AR system a brake. Take what you get and move on, the site is FREE and we get so many tips and great info for all of us to use. Lets just leave the point system alone and keep the membership growing.
..and with that, lets hope AR remains with us for many more years and that the membership keeps contributing and remains FREE of charges and complains. Points are being monitored.
What do you think. How many blogs would you have posted without the Point System?
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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