Bank Owned Properties -FORECLOSURE TIP OF THE DAY- for Monday

Welcome to the 5th installment of of my newest blog, it includes my Foreclosure "Tip of Day" with such topics as buying a bank owned home and for home owners, how to avoid getting into foreclsoure.

I hope you come back often as my blog grows. Please feel free to leave a comment or question...



TODAY'S TIP OF THE DAY

1. THE TIME FRAME How long does it take?

In our 5th installment is the Time Frame. Be prepared for the bank to take time to answer your offer. All banks have a different time frame for answering all offer. Just as well the listing agent can affect that time frame if they "hold" offers. Some banks do set a time frame such as no offers will be looked at for 5 days from the day the listing comes on the market. The easiest way to avoid frustration in having to wait is to ask the listing agnet up front if they hold offers and how long the bank usually takes to answer.

I do not hold offers and can get an answer with some banks in as little as an hour after i submit it. Other banks will answer it the same day, some take 1 day and in some cases could take 5-7 days. 

There are variables such as if the bank answers their own offer or if the use an asset management company to sell their properties. If so does that asset manager of power of attorney to accept and sign offers? That all speeds up or slows down the time frame.
 
THE SECOND PART OF THE EQUATION IS WAITING FOR SIGNATURES:
This refers most often to the time you have to wait to get you the signed purchase and sales agreement back. Most banks are anywhere from 3-5 days.

Most important is allowing yourself the time to get through the process. Make sure you ask the listing agent what time frames are so you are not waiting in frustration not knowing what is happening. Believe me it is not a bother, communication is the key to a happy and successful purchase on all sides.



For a complete list of tips and advice on buying a bank owned home, please see my most popular blog by clicking below.

http://www.trulia.com/blog/scott_godzyk/2008/08/so_you_want_to_buy_a_for

For those of you who are adventurous or with stronger stomachs who want to see why you should never open the refrigerator, please click on my blog below, Foreclosures - a story in pictures.

http://www.trulia.com/blog/scott_godzyk/2011/03/the_truth_about_foreclsoures_-_what_you_really_need_to_know_-_a_story_in_pictures

Please check out our First "Foreclsoure Tip of the day"

http://www.trulia.com/blog/scott_godzyk/2011/03/today_s_foreclosure_tip_of_the_day_for_monday_3_28_11

If you are looking for infomration on Bank Owned homes in New Hampshire, please feel free to contact us. Ask how you can receive "FREE" Buyer Representaion when you buy a proeprty using us as your Buyer Broker.

Updated  April 11, 2011

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