In today's market you need an agent who will go to no end to fully represent you. In some local areas nearly 90% of the homes listed on the market are bank owned. What does buying a bank owned home mean to you?
1. The condition of the property is usually poor, hard to show, foul smells, missing parts (such as appliances, wires missing from breakers, gas fireplaces gone, even bathrooms without toilets and sinks.
2. Deferred maintenance or repairs mayÂ be necessaryÂ since these homes have been vacant for an unknown period of time. Sometimes months or years.Â Keep in mind when they were occupied the owners could have been under a financial hardship, preventing them from regular seasonal care of the home or repairs when needed.
3. Form 17 is either exempt or distributed to the buyer with "I don't know" marked through it's entirety. Not having the accuracy of this 5 page disclosure form could leave you with a lot of unanswered questions on the history of the home.
4. Pricing may not get much lower. Some of these properties can be "a dream come true" if you get it at an amazing price or it could be your worst nightmare. Do your due diligence researching any property and conduct all necessary inspections to safe guard yourself.
5. Write a clean offer. The best priced offer you can write the better, include your earnest money, keep contingencies to a minimum, suggest a reasonable closing date. The simpler your offer is the higher chance you have of the bank accepting your offer or countering in a reasonable time period.