If the Multiple Listing Service listing sheet says “bank addendums and pre-approval letter required to be submitted with Offer”. Believe it! The offer won’t be going anywhere until the package is complete. #1 Be sure you have that Pre-approval letter with you when you go looking for home.
Deposits! I always make deposits conditional upon acceptance. That way if an agreement cannot be reached, the buyer has not tied up funds. Some banks refuse to sign a release and cancellation where there was no fully Executed contract. This could be problematic for your buyer because the title companies require seller and buyer to sign the cancellation of contract in order to give escrow money back to either buyer or seller.
Closings! Most banks use a particular closing office. They could be local or maybe even in Miami. Once the contract is accepted then the closing office wants your deposit wired to them. Also many bank do not pay the normal customary sellers closing cost. Make sure your Realtor has asked because you are responsible for that closing cost.
Deadlines! Please be understanding about banks taking their time to respond to offers. Some banks respond in a couple of days, while others may take a month. Time for acceptance means nothing to them.
Mediation & arbitration! Please delete these provisions from your offer forms as banks will not mediate or arbitrate.
As-is! This means exactly what it says. All properties are sold as-is with right to inspect. The banks will not pay for repairs of any kind and what you see in the house is yours. Even the trash.
Follow ups! Most agents call the banks weekly to inquire on the status. Please know the banks take their time. As soon as I have something to tell you, I’ll call right away. Banks reserve the right to refuse or accept any offer at any time, even if an offer form has been signed by an Employee or management company asset manager.Please keep these things in mind when submitting offers for bank owned properties.
Everyday I hear changes and each bank is different. In this market the buyer need to be patient and the Realtors need to be pushy with the banks. As always good communication with your Realtor is important. I am always striving to help get that great deal for you. In Ocala last month 31% of the closings were bank owned homes. If you are interested in getting a list call Rhonda 352-266-2637. I am here to help you. Search all Florida properties at http://fl.living.net/REALTOR/rhondabuckner
Comments(0)