Profile picture for mrs ryca

There are more foreclosures and bank owned homes in great neighborhoods than regular to choose from!

Is it easier to buy typical house for sale or approach the individual banks if bank owned.  Or Should I get preapproved through independent lender and then approach bank owned property?
  • June 06 2010 - Ocoee
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Answers (2)

I think that you should work with a realtor so that you can fully grasp your options.  But from what I gathered from your  question your best option is to work with the homes listing agent.  The listing agent (which usually applies to foreclosures.  depending on what type)  Will usually help negotiate and report for the banks.  Either way you should consider adopting a buyers agent. Also you should definitely shore up your financing before approaching anyone.  A lender or a loan officer at a bank\Credit union should be able to do that for you in fewer than 30 minutes.  A skilled agent could help a lot.
  • June 06 2010
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Profile picture for Mark LeMenager
Your statement is true.  It's been that way for a while now.

For the most part banks do not want to deal with the public on their bank owned inventory.  It will be taken care of by an asset manager who will list it with a realtor.  In order to make an offer you will have to include either a proof of funds document or a pre-approval letter from a recognized lender.

Good luck.
  • June 06 2010
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