Originally Posted At www.bigbearilluminated.com Buying a bank owned home is an interesting process. Sometimes it is swift and painless. Other times, it is an incredible quagmire. No bank operates in the same manner. Every single one will have different requirements and procedures that dictate how they do business. If you are considering a purchase of a bank owned property, make sure you are dealing with an agent who has experience in these matters. Otherwise you could be in for some unpleasant surprises. One thing many banks have been doing is forcing the buyer to prequalify with a lender of their choice. This means that even though you are preapproved with the lender of your choice, they make you go through the whole process again with their approved lender. It is almost a kind of scam...
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