Buying a Bank-Owned Home in The Boise Idaho Area Real Estate Market - Part 4 of 7

Buying a Bank-Owned Home in The Boise Idaho Area Real Estate Market - Part 4 of 7

Part 1

Part 2

Part 3

 Part 4 of 7 part blog on what I have experienced from a Boise ID buyer's agent point of view in working with bank-owned homes for sale in the Boise ID area. This is intended to help homebuyers to become better educated with the process of buying a bank-owned property. Short sale homes are in abundance right now but I have seen from experienced that the bank-owned homes are where you can currently get the most "bang for your buck" without wasting a whole lot of your TIME and emotions.

4. After bank acceptance...Getting thru the bank addendums to the inspection

Assuming you have received a verbal acceptance from the seller thru the listing agent; what you can expect next is an addendum from the seller, written by the sellers attorney. In this addendum you notice everything is spelled out from the sellers point of view. "As-is" is a repeated term.

It is VERY important to read the entire addendum. Your real estate agent will read it and be the second set of eyes as well. Emphasize your focus on the following:

• All Dollar amounts 
• All Dates
• Inspection section-wording
• Per Diem charge for going beyond set closing date 
• Closing costs breakdown in general-Who Pays What?

Dont overlook the bank or listing agent mistakes. When it happens, it tends to be mistakes in their favor. Reference the original Realtor-form offer for dates and numbers. A good Agent can walk you thru the addendum.

As an agent, I work with Realtor forms 99% of the time; forms I am familiar with. The bank-written forms are different with each particular bank. Most of the time I will take a couple hours to thoroughly go thru the addendum before I call to discuss it with my clients. It really is a crash course on learning what is written........Another reason why having a an experienced buyers agent on your side during negotiating is a must!

Keep in mind, the bank addendum will scream as-is all over the form. In part 5 I will give a few tips on how you get the bank to budge on inspection items in need of repair.    

  Next: Part 5, Negotiating Inspection Items in Need of Repair With The Bank (Seller) 

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Eric Bracht

Buying a Bank-Owned Home in The Boise Idaho Area Real Estate Market - Part 4 of 7