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How is a bank owned property different as far as me buying one?

  • December 29 2013 - Dunedin
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Answers (3)

You just need a Realtor to write up an offer, some banks accept electronic offers entered by your Realtor. You will need a Realtor to work with, but it's free to you so why wouldn't you? Remember, the bank has done appraisals and knows what the current market value is. They often list under that to encourage a sale, so don't think you will get them down 10% or more, usually a couple percentage points.


tim
  • December 29 2013
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Thank you.
So will I be able to make an offer?
  • December 29 2013
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Not much different at all. The bank is a little slower to reply since they only work 4-5 days a week and there is less emotion in the sale than for Mr Mrs Jones. A bank owned will usually be sold as-is meaning don't ask the bank to fix much if anything at all, they have the price adjusted to what the house is and needs, and since they had to foreclose it the old owners probably did little maintenance. Other than that it's about the same. Be sure to submit a pre-qual letter with the offer, all banks want that. Your Realtor will guide you.


tim
  • December 29 2013
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