Got approved for a bank owned home...

Anna
Home Buyer
New Haven, CT

We are looking to buy a bank owned home and just a couple of days ago found out that our offer got accepted. What now? I am completely clueless about the whole process and I am not sure if my Realtor know much about it either. Please help!

Answers (3)
Scott Godzyk
Agent
New Hampshire

There are alot of things that should have been done before you even put in the offer. first hopefully you were pre approved for a mortgage, nmake sure you follow the dates that were typed into your agreement. Most important is bank owned homes are sold as is, so hopefully you did any inspections before you put your bid in. some banks will allow you 7 days if it is typed into your agreemnt but it is for your own knoweldge as banks do not negotiate all over again after the inspection. If you do find something hidden like trermites or a bad well or septic than you can ask the bank to dcredit you for fixing them, dont ask them to repair as they will say no. good luck with your purchase and you really should have a buyer broker who is well experienced in this field, it is not for the faint of heart.

Tue Oct 21 2008, 14:50
Marcus Santore
Agent
Litchfield, CT

Of course. Contact your Realtor, and explain you need someone who has handled these types of transactions before. The Broker of Record should be able to offer you good representation. Anyone giving you different advice is out of line according to CT Agency Laws

I hope this helps

Tue Oct 21 2008, 14:19
Stew Keene
Agent
Phoenix, AZ
FIRST ANSWER

Anna,

I have a document that I can e mail you that explains the foreclosure purchase process which you are welcome to use with your realtor as a guide.

Where would you like me to send that?
http://www.stewkeene.com

Tue Oct 21 2008, 14:05

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