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What should I expect when buying a bank owned home In Florida?

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Brady Pevehouse, "BPevehouse"
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Brady Pevehouse, "BPevehouse"

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Heidi,
Not sure what area you are looking at within Florida, but here is a little bit about what is going on here in Central Florida now.

Banks are allowing their listing agents to advertise a property at 80% to 85% of market price, so that they force multiple offers in the double digits. Granted this is limited to the larger banks only, since this last week I was involved in one local community bank that had the property priced a little higher than average market, and not as much competition.
Either way, JKonstant is correct.
Protect yourself, and your investment in what ever property you select. Bank owned properties are very attractive because usually within 1 week you hear an answer as to if the bank has accepted your offer or not.

Just this past week I as involved in:
1 bank offer, I was 1 offer out of at least 27 others

This past month, on multiple occasions I was one offer out of at least 8 or 9 others on a property and my clients are not investors, so we were making legit offers.

Make sure whomever you use for the offer does create a CMA for you, prior to making an offer and do not be surprised if your agent says you MUST offer more than asking price on the property.

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jkonstant
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jkonstant

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You will be dealing with a seller who knows nothing about the property and they will give you lot's of extra pieces of paper absolving them from any liabilty or responsibility. My biggest issue is that the listing agents do not disclose amterial defects because banks are not required by law to do so. You should hire inspectors to comb through the entire property. As is where is means just that. After you get the keys you have no recourse. I'm not saying you should be overly concerned, just be smart.

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What should I expect when buying a bank owned home In Florida?

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Question If this house becomes availible for sale I would like to bid on it. This was my 1sthome.

Question If my offer is $50 higher and I have a cash sale, legally does my offer stand?

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