Profile picture for mrs ryca

How do I buy a bank owned house? Should I work with that bank to get financing? Is it worth it?

  • June 06 2010 - Ocoee
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (6)

Hi Mrs. Ryca,

I am a local agent who specializes in selling REO/Bank Owned properties. I find that it is best to work with a loan officer that takes the time to understand the best financing program that fits your financial goals, often times the best loan officer is not the one that the bank recommends.  In some cases however it is a requirement to at least give the bank the opportunity to pre-approve you before you can submit an offer.  I find that my buyers don't always like to do that because they have to get their credit pulled on multiple occassions.

Sometimes it can be worth it if the bank gives you an incentive to use them.  I have seen some banks waive appraisal fees if you used them.  I have a free frequently asked Bank Owned report on my website at the following link you can download if you like.

http://devivorealty.com/default.asp.f-buyer_reports.d-reports

If you have any further questions I would be happy to help.

Happy Hunting,

Jen
  • June 07 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Mark LeMenager
Well you buy a bank owned property just like you buy any other property.  Stripping away all the misinformation, it's still the same process.  In many ways it's even more direct.

They will want you to have pre-approval for a loan before they even look at your offer, so start with a mortgage broker who can put you in the right direction.

Only you can decide if it is "worth it".

Good luck.
  • June 06 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for mrs ryca
We like the gated community that we are currently renting a house in now but there are 2 houses for sale and 14 foreclosures in progress/bank owned.  That does not give us much of a choice!
  • June 06 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Some banks do favor a buyer using their progarms. However I found the thing they like most is cash and quickly!!
  • June 06 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If the bank is offering an incentive to use them it may be worth it.  Or you can go back to your bank and say" match it".

Go where you get the best deal.
  • June 06 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Some banks will offer special financing on their own properties, some will not. In my area for example one bank is offering 100% financing if you buy one of their properties. You do want an experienced, knowledgeable agent in your area to help you, especially with this type of property. You want an REO agent that specializes in foreclosed bank owned properties.

  • June 06 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.