Long Island Bank Owned Homes - Weekly Update: 

The list of the bank owned homes that came on the market on Long Island during the previous week is updated every week.  Beginning this week, the listings will run from Friday to Thursday.  This will allow the information to be released in time for buyers to plan their weekend. 

Many prospective buyers of bank owned homes have questions about the process.  If you are interested in purchasing a bank owned home, and have any questions about the process, please feel free to leave it in the comment section of this post, or you can contact me directly.

This week's question is about the offer evaluation process...

Question:     "Will the bank respond to my offer right away?"

Answer:     Usually not.  It is not uncommon for there to be multiple offers on a bank owned property. so the bank takes time to evaluate them all.  Since they are a business, and not a homeowner, the process usually takes a bit longer than an average transaction, but much shorter than a short sale.  It should also be noted that banks are closed on weekends and holidays, so there would be no one to respond to offers outside of normal business hours.

The bank owned homes listed at the bottom of this post came on the market between 5/23 - 5/29/08.  Beyond this list, there are a number of other bank owned homes available as well.  If you are interested in bank owned homes, please feel free to contact me, and I will do a search based on your specific search criteria. This information is posted on a weekly basis.  You can check back regularly, or if you'd prefer, you can contact me and be put onto a list of people that receive this update via e-mail.  My contact information is listed at the bottom of the page.

Long Island Bank Owned Homes (NEW On The Market - Week Ending 5/29/08)