If you don't like waiting for months for a response to your offer to purchase, Bank Owned Properties may be the way for youÂ to purchase a home at a terrific price.Â These are homes that have already gone thru foreclosure and the bank now owns them.Â TheÂ Bank had to pay a tremendous amount of money to foreclose on the house as well as they haveÂ all the mounting expenses and headaches associated with a portfolio of vacant homes, where they are making no money on them as they sit there vacant.Â Â The Bank is aÂ a motivated seller!
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When making an offer on a pre-foreclosure it could take as long as 6 weeks to 3 months or longerÂ to get a response on an offer and be able to close.Â You have be be very patient and have a pretty open time line onÂ the date you have to move inÂ when considering aÂ pre-foreclosure.
With a bank owned home, your realtor should get a response from the BankÂ within a day to a few days -- much quicker response than a shortsale.
The Bank will very oftenÂ will price the house extremely low in order to draw a lot of attention to it.Â The Bank would love to get multiple offers andÂ to pick theÂ the highest and best offer - that's great marketing on theÂ bank's part -Â basically performingÂ an auction with the house going to the highest bidder.Â
When making an offer on a bank owned home, you have to keep in mind that the house 99% of the time will be sold as-is with no repairs.
Some Bank Owned Homes may be in near perfect shape - move in ready, while others are really beat up, depending on the mood of the person that owned the home before the bank did.Â I always advise my home buyers to pay for aÂ home inspection done so that the home buyer has a better idea what works and what doesn't, also the life left on the roof, etc.
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Tampa Home Buy Realty
Realtors ServingÂ Hillsborough, Pasco, Hernando & Pinellas Counties
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