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Buying Bank Owned
How to Represent a Buyer in a Bank Owned Transaction
Selling real estate in Ohio over the past few years, I have found that more and more foreclosures have led buyers who were normally arms length transaction purchasers to jump into the bank owned purchasing arena. "i want a great deal!" Heard that lately? I hear it just about every day now. So I say, "you want a great deal? Let's go after a bank owned."
1. Prepare your buyer for the process
It takes time. Banks do not answer like a normal seller. They do not care about whether your client walks away or not. They have tens to hundreds or even thousands of properties that they never intended owning. You are a number. The agent that represents the bank doesn't care if your buyer walks either. They will sell the house to your buyer and if not, the next one. Those REO agents know one thing, the property is going to sell one way or another. They don't care if your buyer walks, so don't piss them off! The nicer you are to them the more they will help you. They generally have a lot of listings and field a lot of offers. Those agents are ... more
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