How to Buy A Bank Owned Home...
This is a humorous take on the sometimes daunting task of getting an approved offer! It isn't always hard but you must have trust in the agent you hire to represent you in the process of buying a home. Your agent will provide you with the information you need to make an offer on a home you like.
Here are some tips for you when making an offer on a bank owned home...
- Make your first offer strong, the bank often does not counter.
- Get pre-qualified with the lender that they ask you to, otherwise your offer will go no where. If the bank isn't asking for a pre-qualification with their lender make sure you have one from your lender.
- Don't ask for repairs or inspections. This doesn't mean you won't do them, it just means you wont ask the bank to be responsible for them. Most banks sell "AS-IS."
- Shorten your inspection period. The purchase contract is set for a 17 day inspection, shorten it so that the banks know you are serious about not wasting time.
- Run comparable sales stats on the property. Many banks are getting smart to those who make high priced offers over asking price. Some are asking buyers to sign an addendum that says the buyer will pay the difference if the appraisal comes in lower.
Search Roseville/Rocklin or Citrus Heights Bank Owned Homes now!
Best wishes in your home search!
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