If you are an investor or a first time buyer, you probably have considered bank owned property or properties being offered on "short sale". (A short sale is when the home is worth less than the note owed by the seller of the home.).
I have submitted several offers on both bank owned and short sale properties, over the past few months. Here is what I have learned.
1. Banks that own foreclosed properties like to see a bonafide pre-approval letter from a well known bank.
2. Earnest Deposit money must be serious. $1000 on a Purchase and Sales Agreement will probably not be taken seriously by the bank or any seller for that matter.
3. Very low offers are usually not even considered. The bank usually won't counteroffer. Their way of saying, "we have better offers". Most of the bank owned homes are priced to sell.
4. Many buyer rights are taken away when entering into the Purchase and Sales Agreement. Most banks have a page (or more) addendum that has to be signed by the buyer agreeing to buy "as is".
5. If you are looking for bank owned properties. It would be wise to have a buyer's agent in your corner. There is so much more involved in this, that I couldn't possibly cover it all in this blog.
I have access to thousands of bank owned and short sale properties for sale in Massachusetts. Please contact me for more information.
Lori Lincoln
Keller Williams Realty
508-878-0917
http://BristolCountyHomeTeam.com
http://www.dightonrealestateagent.com
I work in Bristol County MA serving cities and towns in Taunton MA, Fall River MA and surrounding areas.
"NO Hassles, NO Pressure, Just Results
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