Home : Blogs : Caroline Tsou : Caroline's Blog

How To Buy A Bank Owned Property?

I just closed an escrow on a bank owned property. Even though my clients act real fast and checked out the house the day it was listed, we were still competing against several offers.

So, how did my client's offer knock out other competition? Here's the insider secret:

If you find a bank owned properly that is selling way below market, ACT FAST. Offer bank a full price offer or an offer that is slightly higher than the asking price.

Next, you hire an experienced agent to negotiate handsome sum of credit from the bank to pay for your closing cost and repairs.

If you are looking for a professional agent with bank owned expertise, I'll love to devote my undivided attention and unparalleled service to you! Please call me!

Posted by Caroline Tsou on 06/25/2008 12:27 AM

Comments (6)

buyers

This post has been included in California Information Los Angeles County, CA Information Phillips Ranch, CA Information

6 Comments on How To Buy A Bank Owned Property?

JUN

2008

We act fast and offer more than the full asking price, and not other conditions... and in 3 out of 4 offers we lost.

ANd I did not get the part about negotiating large sum of credit... If there are several offers, why would the Lender eve consider any contingencies?

Caroline- I also don't understand the part of your post referring to handsome sum of credit for closing costs and repairs. It has been my experience that REO companies like to deal with the cleanest offer on their plate, especially if they are in the position of looking at several offers at once. Perhaps there is something that I misunderstood in your post?

Jon, yes, it is a frustrating process. For me, I treat the listing agents with GREAT respect and try to be REAL sweet to them so if they choose to work with my offer, they know that the transaction will most likely to be smooth and pleasant.

Jen, most listing agents can get a counter offer from the bank for you if you maintain a good relationship with them. So don't be afraid to write the credit request in the offer. Prior to submitting the offer, I normally consult with the listing agent who is familiar with the bank's guidelines and then submit the credit request that is within the bank's tolerable limits.

JUN

2008

Caroline, Thanks for the additional thoughts! I definitely agree that the listing agent communication is key!

Very informative article. Buying a house is a serious decision. It is the largest purchase one has ever made in his life.

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?