The TOP 5 Items you need to know if you want to buy a BANK OWNED HOME!
TOP 5 ITEMS YOU NEED TO KNOW IF BUYING A BANK OWNED HOME
1. GET PRE-QUAILIFIED: Before even looking at a home you should get pre-approved for a loan. No bank will look at your offer without it. Meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgages that you may quailify for. You should then tell them you are looking at bank owned homes so they can provide you with a list of what condition the property needs to be in for you to be able to get a mortgage.
2. WHO IS REPRESENTING YOU? : You should know that the listing agent represents the seller. there are some advantages working directly with a listing agent if you feel comfortable with buying. If not you may want to hire a buyer broker who is WELL EXPERIENCED in bank owned home sales. In inexpereinced agent can hurt more than help. You can usually hire a buyer broker at no cost to you, they get paid their commission from the fee advertsised in MLS by the listing agent and paid at closing. This way they can get the information for you and you will have someone assisting you through each step of the buying process.
3. MAKING AN OFFER THE HOUSE: Before making your offer you should know that most houses are sold "AS IS". The banks will not re-negotiate after a home inspection or make any repairs. Your best chance to get the bank to make repairs or credit you for repairs is in your initial offer. You shoud inspect the property before you put in the offer. If you dont want to spend the money for some reason, then when looking at the home you are going to need to look at the well, septic, roof, siding, windows, heating system, look under the sinks, in the basement for signs of water or mold, stains on the ceilings and anything that sticks out or if you are getting an fha loan, any safety issues.
Before making an offer, you should assess what the house is worth in todays market and deduct for any repairs needed. Do not base your offer on a percentage off an asking price. You dont know if the bank priced the house higher than market value, already at market value or priced it way below market value.
4. THE OFFER: In your offer you should make sure you attach your pre-quailification letter, you should make sure you put a closing date of 30 days or less, make sure your deposit is at least 1% of the sales price and it is a cashiers check. Try and avoid any contingincies other than an inspection and mortgage contingincy. Do not put any expiration dates in for the bank answering the offer.
5. KNOW THE TIME LINES: You should know that each bank works differently than any other. The Listing agent has a great deal responsibility to assist the asset manager and move teh offer through the process of approval or counter offer. You can easily ask the listing agent what the average is for the bank. Banks can average 1-3 dasy to answer an offer. Most of my banks offer within 1 day and alot of times it is the same day. Allow 3-7 days from acceptance to get you the signed purchase and sales. The one thing you can do to speed up your own closing is to make sure the foreclsoure deed is complete and recorded, otherwise this could hold up your closing.
If you are looking to buy or sell a home in New Hampshire, please call us first. We strive to provide the best in personal and professional service through each step of the buying and selling process.
We offer * FREE * BUYER REPRESENTANTION - ask us how we can help you buy a home here in New Hampshire. (*please contact us for details and conditions*)
If you owe more than your house is worth or are behind on your payments, we may be able to help.
We offer BUYER REPRESENTAION for Bank Owned Homes at no additional cost to you.
If you need to sell your home and If you may owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale whcih may be able to help you.
Please try and avoid out of state or out of town agents and companies that make "out of this world promises". We are local agents with experience who never charge any up front fees. WE GET RESULTS!!!
PLEASE SEE SOME OF MY MOST POPULAR BLOGS
1. IS A SHORT SALE FOR YOU? Tips and advice for sellers who owe more than their houses are worth.
2. TIPS AND ADVICE FOR BUYING A BANK OWNED HOME
3. CAN I PURCHASE A HOME THAT IS IN FORECLOSURE?
4. FULL LIST OF TIPS AND ADVICE ON GETTING A MORTGAGE
5. TOP 5 WAYS TO KNOW IF "NOW" IS THE TIME TO BUY A HOME
6. 5 MYTH'S ABOUT TODAY'S REAL ESTATE MARKET
7. SHOULD A BUYER USE MORE THAN 1 AGENT TO BUY A HOME?
8. TIPS AND ADVICE FOR BUYING A SHORT SALE
9. ARE BUYERS WAGING WAR AGAINST SELLERS?
10. DO YOU OWE MORE THAN YOUR HOUSE IS WORTH?
If you are Looking for a Real Estate Agent you have come to the right place. Scott Godzyk is a Full Time and Local agent ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.
If you owe more than your house is worth, If you are behind in your payments, I may be able to help. Call me to find out how you may be able to sell your home at no additional cost to you.
Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Ssles, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com
One of New Hampshire's Leading REO Brokers
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