bank owned homes: 12 Facts Nobody Told You [Part:3]
- 07/17/09 03:45 AM
12 Facts Nobody Told You When Purchasing Bank Owned Foreclosed Properties What to expect when purchasing Bank Owned Foreclosed Properties
9. There are NO sellers disclosures provided with a bank owned home. The bank has no information on the condition of the home or when any repairs or updates have been performed, if any. You can pay to have your own private inspection done by an inspector of your choice. 10. Banks prefer to close on a property within 30 days of an accepted offer. 11. You will need a mortgage PRE-APPROVAL and loan program chosen when making an offer … (3 comments)
4. Banks look for the cleanest offer with the LEAST amount of contingencies. To make your offer strongest you can waive the offer contingent upon a successful inspection, and waive the contingency to get your mortgage obtained. 5. They look for an offer with a large Earnest Money Deposit to ensure you are a very serious buyer. 6. Most banks will ask for a response back from the buyer within 24 hours, if the bank counters your offer or the deal is void. 7. … (0 comments)
What to expect when purchasing Bank Owned Foreclosed Properties 1. In many instances the home will sell AT or OVER the asking price. If they list the property well under value right out the gate, get ready, there will be a flock of people with multiple offers. It's like eBay, John isn't going to let Paul buy the house for pennies on the dollar without putting in a higher bid. Sometimes the house ends up selling for more than market value, just because of the excitement and emotions of … (1 comments)
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12 Facts Nobody Told You When Purchasing Bank Owned Foreclosed Properties
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