Buying a Bank-Owned Home - Boise Idaho Real Estate - Part 3 of 7
Buying a Bank-Owned Home - Boise Idaho Real Estate - Part 1 of 7
Buying a Bank-Owned Home - Boise Idaho Real Estate - Part 2 of 7
Part 3 of 7 part blog on what I have experienced from a Boise ID buyer's agent point of view in working with bank-owned homes for sale in the Boise ID area. This is intended to help homebuyers to become better educated with the process of buying a bank-owned property. Short sale homes are in abundance right now but I have seen from experienced that the bank-owned homes are where you can currently get the most "bang for your buck" without wasting a whole lot of your TIME and emotions.
3. Making an educated offer on a bank-owned home for sale
As part of the team effort, your real estate agent will check the sold comparables to be certain how the bank came up with the listing price. If they dont offer this info, ask for it.
When asked, I always seem to side on an investors' point of view of a house - Ex: Lot location and overall cost to restore home to move-in condition, resale in 5-10 years.......
Two main questions to consider when making an offer:
-
Days on the market?
-
Existing Competing offers?
The bank will be more willing to entertain low offers if it has been on the market beyond 45 days. This seems to be the price review timeframe if they aren't getting any offers. If you come in too low and too soon, they will reject the offer-(depending on how low your offer is)
Competing offers throw a wrench into any slam-dunk low ball offers. When their is another offer, it is important to quickly get an offer in to the listing agent in order to be part of a multi-counter offer.(bidding) You have to get the offer in to the bank before another offer is accepted. Once offer is submitted, typically the bank will ask all offers to make a highest and best counter offer. The highest and strongest financing will usually get the acceptance.
When my clients and I find a house they like enough to consider making an offer.....I will call the listing agent immediately to check if there are any offers currently on the table. This saves a lot of grief if the bank accepted an offer already. If the house recently came back on the market, I will ask why the last offer dropped. These days it is either because of financing or inspection issues. If the reason is inspection related, I always ask what the issue was for disclosure and due-dilligence reasons.
With the help of an experienced bank-owned buyer agent the process can be super smooth and easy.
Part 4: After bank acceptance...Getting thru the bank addendums to the inspection
*****************************************************************************
Eric Bracht
Market Pro Real Estate
208.991.4552
Buying a Bank-Owned Home - Boise Idaho Real Estate - Part 3 of 7
Comments(2)