Bank Owned Properties - Utah County Real Estate

By
Real Estate Broker/Owner with Home Buyer Realty Utah 5705835-PB00

Bank Owned Properties - Utah County Real Estate

Banks are not in the business to hold onto an inventory of homes.  They want to get rid of these homes yesterday.  This makes for a great opportunity for you, the home buyer or investor, because most of these homes are well below market value.  Once the bank owns the property they will handle eviction if any, take care of some repairs, pay past HOA and/or other maintenance dues, and then will negotiate with the IRS, removal of tax liens, if any.

How do banks sell REO Property? (Real Estate owned by the Bank)

Most banks have an REO department that handle  the sale of these properties.  They certainly would like to get the best price of course.  When you make an offer, the banks will usually make a counter offer.  Don't  be surprised to get a higher counter offer than you might expect.   Banks want to show their shareholders and investors that they are trying to get the highest possible price for the house.  You should counter the counter offer.  Your offer will likely be reviewed by an approval panel.  Even after they accept your offer they include wordings like "subject to Corporate approval".

Condition of the Property

These homes are almost always sold "as is" with the right to inspect.  You incur the inspection expenses (termite, general home inspection, mold, etc.).  An inspection contingency period must be included in your offer that will allow you to terminate the sale if any of the inspection reveals damage that the bank will NOT correct. 

Make sure you have someone representing you who understands this process, when you are trying to negotiate on a Bank owned property.  It is important that you have someone who knows how to handle repairs and all the steps necessary for a smooth closing.

Utah County Bank Owned Properties

Utah County Short Sale Properties

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Posted by

Robert A. Hulme 

Home Buyer Realty Utah, LLC
Principal Broker, Owner, Realtor, SRS, GRI, e-Pro

Utah Mobile: (801) 885-2586
Utah Real Estate Search

View Robert A Hulme's profile on LinkedIn

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