Are you looking for a Bank Owned Home or a list of Foreclosures in Arizona? Click here to see all the bank owned homes on the market today!
Purchasing a bank owned home or a bank foreclosure is not much different than purchasing a home from a seller other than the seller is the bank and they like to change things up a bit.
In the Arizona contract, the buyer has 10 days to inspect the property they are purchasing after their offer is accepted and they have opened escrow.Typically, not always, in a bank owned transaction, the bank likes to shorten that inspection period to 7 days and sometimes 5 days. This can be a little challenging but it can be done. You need to get your inspection scheduled right away! Most inspectors in this market will accommodate a short notice appointment to get your business.
The bank also likes to send back an addenduum once they accept your contract. Your contract acceptance is contingent upon you accepting the terms of the addendum. This addendum can be 2 pages to 20 pages long. Have your Realtor go over this addendum with you to make sure you understand what it means. This is not a document that you want to speed read! Make sure you know what you are agreeing to!
The bank likes to determine the close of escrow and will charge you a per diem fee if you do not close on the date that both parties have agreed to.I have seen this fee between $50 and $100 per day. They want to insure that you close when you say you will close. We have had transactions go beyond the close of escrow date and have had the per diem waived by the bank on several occasions but they do not have to waive it as it is in the addendum and they could enforce it if they wanted to.
There has been a lot of competition on bank owned homes recently. Especially if the property is in a lower price range and priced aggressively, you will want to move quickly in preparing an offer. These homes typically go under contract in 3 to 5 days and sell over the list price. It is best to have all of your paperwork and pre-approvals in order before you find the home so that you are ready to go when one comes available in your price range.
Not all bank owned homes are trashed! There are a lot of bank owned homes in great condition! Some don't need any work at all, some need just paint and new carpet. There are some really bad ones out there, don't get me wrong! Some are missing everything from the AC unit to the toilet! There are good and bad- don't avoid them all together because you have heard that they are all distressed, gutted and nasty! We have sold some beautiful bank owned homes!
IF you would like more information on purchaing a Bank Owned Home (aka Foreclosure or REO) Please contact at email@example.com. We are happy to help!
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Happy House Hunting!