Are Rules Different for Banks?
Bank Owned Homes in Brentwood Ca
Everyone wants a Bank Owned Home and Bank Owned Homes can be good buys; but there are also some pitfalls. Read this post about Bank Owned Homes. Be sure to work with someone that has experience with Bank Owned Homes.
For more information on Bank Owned Homes in Brentwood or Beyond, as well as a e-mail list of Bank Owned Homes drop me a line or give me a call at 925-260-4321.
I would say yes. Is it ok that they are? Some would argue no. Let’s look at a couple of examples:
Contract Dates: You receive a written offer – you must respond within 3 days unless otherwise noted on the purchase contract. Do they respond within 3 days? Not usually, but sometimes.
Close of Escrow Penalties – if you’re the buyer and experience any delays due to your inspections, loan approval, etc – you may be slapped with a per diem fee. But if the bank hangs up the transaction, they suffer no consequences.
Must present a true and accurate picture. Well, this works if the banks subscribed to the Code of Ethics that many agents do, but they do not. And it’s not a given that their agents necessarily do. I’ve notice recently that agents working REO’s don’t always mark the property as such. I understand that these may be precautionary measures to keep the property from vandalism, but it goes beyond that. It’s an important piece of information to the buyer.
Disclosures – the bank and its employees have never lived in the property, and can’t provide traditional disclosures. But they could go a little further in their standard of care. A simple search of the property address may turn up a history of the property that could be checked and verified. Many an agent has been held to that standard – why not the banks?
Easy to Show – this is where bank properties have an edge. They’re vacant, so no showing instructions to follow and we can go any time our access keys allow. However, the listing agents for these properties aren't always so easy to get a hold of. Some of the agents are great at updating offer instructions and status in the MLS, but others? Not so much.
Rules are wonderful. But it would be great if there was a bit of balance of power.
I'm sure Active Rain Members will have many more items to add to this list. Fire away!
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including Castro Valley, San Leandro, San Lorenzo, San Ramon, Danville, Brentwood and Mountain House
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