Thinking of buying a Bank Owned property?
There is nothing hard about buying one. Knowing a few things is most important.
1. Get pre-approved with a lender. Some banks may ask you to get pre-approved with a lender of their choice, but you may use who you want for your loan. Compare rates on the same day with different lenders to see what money you can save.
2. Be ready to make things happen. When buying property, the standard inspection time is 17 days, however most banks will cut that to 7, 10 or 14 days.
3. There will be a 3, 11, or 15 page contract addendum to sign that goes with the purchase contract and you need to read it carefully and know that these properties are an AS-IS sale. You still have your inspection period, and you CAN ask for repairs, just be prepared for a response of "no" from the bank.
4. Most banks will not look at an offer that has a contingency attached, you have to sell something in order to buy.
5. Make your best offer. A number of bank owned properties are priced well and can have multiple offers, so the more money to the bank (net) on your offer, the better your chances.
5½. Go with a local agent that can help you navigate the purchase on keep the transaction on track.
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