Earlier this year, one of my buyers was so excited to close on their bank owned home. The appraisal actually came in $20,000 above contract place. I am so excited that they got instant equity. We moved quickly on their purchase of this home that was in an area they had been looking at for quite some time. As soon as their mortgage letter was received, we immediately went to that home. We made an offer $100 over list price and there had been multiple offers coming in at the same time. The buyers put down $1000 earnest money deposit. The bank picked our offer. The buyers were happy with the home inspection. So happy for Ryan and Amanda..
If you don’t like waiting for months for a response to your offer to purchase, Bank Owned Properties may be the way for you to purchase a home at a good price. These are homes that have already gone thru foreclosure and the bank now owns them. In the current real estate market there is quite a bit of competition on well priced properties, in the lower end of the market, below $200,000 especially.
When making an offer on a pre-foreclosure it could take as long as 6 weeks to 3 months or longer, to get a response on an offer and be able to close. You have be be very patient and have a pretty open time line on the date you have to move in when considering a pre-foreclosure.
With a bank owned home, your realtor should get a response from the Bank within a day to a few days — much quicker response than a shortsale.
Bank owned properties are being listed currently in the Tampa area a bit on the high side of the market believing they will get their price. The Bank would love to get multiple offers and to pick the the highest and best offer. Often times the property will be sold above list price.
When making an offer on a bank owned home, you have to keep in mind that the house 99% of the time will be sold as-is with no repairs.
Some Bank Owned Homes may be in near perfect shape – move in ready, while others are really beat up, depending on the mood of the person that owned the home before the bank did. I always suggest home buyers pay for a home inspection to be done so that the home buyer has a better idea what works and what doesn’t, also the life left on the roof, etc.
Shopping for a home is so exciting. Please let me know if you have any questions about purchasing a home; I will enjoy hearing from you.
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Looking forward to your call,
Stephanie LeFew, Tampa Realtor
cell phone 813-624-3332
www.TampaHomebuy.com
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