If you are considering buying a bank-owned property in Lake Mary, you should know:
- The agent who has the house for sale is the listing agent and represents the bank, not you.
- The bank may require that the home be on the market for a minimum number of days prior to reviewing any offers. So, even if you write a full-price offer the first day the house is listed, the bank may want the home to be marketed for 1 week, 2 weeks or longer before accepting an offer.
- The bank will continue to keep the property for sale while they are reviewing your offer (and any others they might have).
- The bank will not provide any disclosures about the property. Since they never lived there, they cannot tell you whether there have been any roof leaks or water intrusion issues.
- The bank may require you to qualify with their mortgage division. While they are unable to require you to use their mortgage referral, if they require you to get qualified with them, you should be prepared for a hard-sell from their lender representative.
- The bank typically will not make repairs on the home. Simply put, this means you are buying the home AS-IS. I've yet to have a bank agree to make any repairs, including those as minor as a $200 roof patch, the addition of a stove to replace the one that was removed by the displaced Seller or the cleaning up of a green pool so that the Buyer can secure their own mortgage.
- Many banks may require that their attorney /title company hold your escrow deposit. You should know the pitfalls of this before giving anyone your money.
- Many banks are now requiring that the Buyer pay the documentary stamps and the title insurance fees, which may add an additional 1% or more to your closing costs.
- Banks have an abundance of supply and a limited amount of qualified and trained staff to handle their growing inventory lists.
You need to have representation of your own. A Buyer's Agent will advocate for you exclusively (at no direct cost to you!) and will explain the buying process in detail to you. An experienced Buyer's Agent knows the right questions to ask and how to best position your offer to be the one the bank accepts.
If you want to buy a bank-owned property in Lake Mary, I'd be happy to schedule a confidential consultation with you. There are bank-owned (foreclosure) properties available in all price ranges including those in million dollar communities!
Feel free to call or text me at (321) 377-0157 or email me at LaShawn@LaShawnNorden.com
LaShawn Norden, PA, ALHS, REALTOR, RE/MAX Central Realty, Lake Mary, FL 32746
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