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i am just starting to look at the houses that are bank owned. what should be my 1st step(s)? i own a

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June 08 2012 - Cincinnati
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THANK YOU!!
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June 11 2012
Your first step should always be to get your own financing in order.  Often times, bank-owned properties attract investment buyers and can have multiple offers.  Don't let that discourage you!  Make sure you have been pre qualified all the way to underwriting (your lender will help with that) and have that approval letter with you so that you can make an offer immediately on the home you like.

Next, get a clear picture of what you are looking for and how much work you can or cannot do on a home.  Bank owned homes have often been vacant for awhile and might need some work.  Always pay for the full inspection and walk the property with the inspector to learn all about it.  Don't be afraid to walk away from a home you like if there are major problems that you can't afford to fix.

That should get you started!  Happy Shopping!!
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June 08 2012
 
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