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.