Hi Toni,
I second (third, fourth, fifth...whatever) using a Buyer's agent if you haven't already gotten one. Another thing to think about is your financing. It's getting more and more difficult to purchase bank owned properties due to the condition of the homes. I've seen a sharp decline in the condition - many are stripped of any shred of copper (so you won't have any heat or plumbing), the appliances are ripped out (no stove, which is required by my mortgage lender). You'll want to make sure that the property is "mortgage-able" before making your offer. There are other financing avenues - one being a rehab loan.

I talk about rehab loans in the blog below. You need to know going into the process if you need one, because they are a bit time intensive and you'll need to build that into your closing date.

Please let me know if you have any questions. I work with several investors, and do rehabs myself, so I have a good feel for how much work a property may need, and some hidden big ticket items to look out for.

Good luck!

Contact a local real estate professional and request information on the home. If they tell you, it's not on the market, ask them to contact you as soon as it is posted on the MLS.

Good luck

Toni, You need an experienced agent. Why do you want that particular home ? Do you know that many short sales and reo homes are listed in the multiple listing . There are homes owned by motivated sellers. An Accredited buyers; agent can help you buy a home. Make sure you are pre qualified .Some bank owned homes need a lot of work. You should consider the cost of repairs and how you are going to finance them.
When you make an offer on a bank owned home it may be days before you hear from them, You need to have patience.

Hi Toni:
Bank owned properties are abundunt these days. You need a Realtor that will represent you. One that will be your buyer's agent and have your best interest at heart. Remember, when you are the buyer, in many cases, the Realtor fees are free. Your Realtor will negotiate a great deal for you. I can help you. I am the #1 Realtor in Bucks County and also all of PA in the http://www.activerain.com please feel free to give me a call. I would go with you to the property to view it, and review the details. http://www.servingbucksandlehighcounties.com
Don Bradbury 610-952-3578

Toni: Oh Sigh. Another person who is bound to buy a bank-owned property. One that is DEFINITELY already known to be the best deal in the Township. One that will save you lots on money, right? Probably not. The reposed (Repo) game is tricky and not for amateurs. Since you are asking this question on an open forum, I assume you are not practiced.

You've had suggestions that a Realtor may be able to guide you in this transaction. Well, we do guide people to houses for sale and assist in bringing them to closing. Note the word "assist." There are over 36 different individuals that get involved in that task, including a home inspector, a mortgage broker and the city building inspector. With a repo, you have all of that, with a home in condition unknown to the seller and with the seller having little motivation to negotiate. (It's a take it or leave it proposition for the most part, often with contract language that favors the seller in the extreme.)

Anyway, a Realtor experienced in these sales (I've had over ten years of it.) will be helpful, there's no doubt. You will have to deal with a lot of information, such as the cost of repairs and sources of funds, that the Realtor can do little more than hold your coat and point you in the right direction.

Anyway, I wish you well. I've done just such a sale in Bensalem in the last year and the buyer was an experienced contractor. I think he got a good deal but there will be a ton of work accomplished before he get to what he wanted. There were also some negotiations back and forth that were unusual and left him unsure that the deal would ever come together. It did and I believe that he is happy with the whole deal but some of the savings difference between what he paid and average market value came not from his deal with the seller but in his expertise in contractor management. In other words, it was a form of sweat equity. The fruit of his own labor.

Lots of Luck.

Toni,

It would be best to get a Realtor to represent you as a buyer, but if you want to go it alone, you need to find out if the bank listed it by a Realtor. If they did, go through a Realtor to make an offer. If they did not, get ready to spend some time on the phone. Call Soverign and ask who there can help you to put in an offer on a bank-owned property. They will probably pass you around abit but just hang in there. Once you get connected to the right person, you can ask them how they want to proceed. In all likelihood, they will tell you that it will be represented by a Realtor either shortly or in the future and you may have to wait for that to happen before you can place a bid.

Toni, In order to make an offer you will want as much information on the property as possible. I would be able to help get that information and also help you with the offer process. I'm a full time Realtor working out of Yardley. Please give me a call, 267-210-8713 or send me an email at RealtorDaveNaj@yahoo.com so I can do some research on the property you are interested in. I look forward to hearing from you.
Sincerely,
David Najdzinowicz, Realtor/Partner
Keller Williams Preferred Real Estate
Yardley, PA 19067
w: 215-493-0200
c: 267-210-8713