First thing is to speak with a Real Estate Agent who can walk you through making an offer on a bank owned property. The Agent will also recommend that you speak with a Banker or Mortgage Broke to evaluate you finances. Contacting an Agent is the very first and best move you can make.

Marto,
Do you have a home to purchase in mind? If not I can help you find one and lead you in the right direction.
Donna Cibula 719-660-7020 Herman Group Real Estate

Hi Marjo,..

In any Real Estate transaction there are certain steps that need to be taken,.. with some steps taken before finding that house that you would one day like to call home.

While my experience is not the same as Sarah's, she has a solid point.

1,) Before even looking at homes,.. talk with a lender. Don't just let your fingers do the walking,.. all lenders are NOT created equal. Call me and I can hook you up with a very good one.

The initial call is to ask for a pre-qualification. During this 5 minute process the lender will ask you a series of questions and then, based upon your answers let you know what you qualify for in loan, based on fixed guidelines.

2.) Make an appointment to meet with the lender to get your loan application completed and to get started on your financing. (Not only does this place you into a stronger negotiating position, it removes many opf the stressors involved in Home Buying)

3.) Contact an agent that you can trust,.. once again,.. don't "just" take the first agent that comes along,.. the sister of your sister-in-law twice removed, etc. Look for experience in the agent,... knowledge of the market,.. if the agent has experience in the foreclosure market. Sadly,.. we are NOT all created equal either,.. you want an agent that will keep YOUR best interests at heart.

4.) Once the home is found,.. make an offer. Don't worry about offering less than asking, but talk with your agent relating to the offer. If it is a property that has multiple offers or has a huge amount of activity on it as evidenced by the cards left on the counter,.. you may want to be less aggresive in your pricing.

Your Agent will lead you through the rest of the way.

Please note that there are different types of Agency, the Listing agent will be working on behalf of the Seller,.. the best he can offer you is Transaction Brokerage,.. either way,.. you are pretty much representing your own interests.

Buyer Agency is what you want,.. a True Buyers Agent will represent YOUR interests alone with the utmost loyalty and honesty,.. the Listing Company generally pays their commissions so it really doesn't make sense to attempt self-representation.

Hope this helps,.. if there are any other questions I can help you with,.. please call me.

Randy G Morley
The Home Brokers, Inc.
4670 Arrowhead Drive
C/S/C - 719-599-3888

Gilda- being a REO Agent a couple things I want to address with you...

1). NEVER will a bank owned property contract with a buyer that simple has a pre-qual. NEVER. All buyers have to be ran through DU or have proof of funds to close. Period- no questions. That will lose you a house immediately. Different from a regular sale.

2). Earnest money is negotiable the more the better.

Marjo- my best advice is to call an REO broker in Colorado Springs and give them the ability to search the property for you. If the home is in Denver- I can help you.

Best Wishes,
Sarah Solomon
Coldwell Banker
303.598.8738

Hello Marjo;
To buy a bank owned home is pretty much the same as buying any home. The highest priced offer with the best purchase conditions is usually the one that ends up with the home.
You'll want to use a Realtor (Buyer's agent) of course, to watch out for you. You also will want to work with a good lender. I'd ask my Realtor for a few names or ask some friends. (Not all lenders get loans closed) The lender will give you a pre-qual letter. That just says that based upon what you've told the lender, the buyer should be able to buy the home.
Something to remember, the banks are sometimes listing their price below market. Which causes offers to come in large amounts. You may be surprised that the end purchase price is even higher than the listed price of the home.
You'll also need earnest money. In Colorado Springs, it's usually around $1,000, it's based upon the listing price.
You may want to check out other homes also. Seller are getting Real about their sales price.
Let me know if you have any questions and need any help.
I'm here to help you in the purchase of your home.
Don't forget the first time Buyer's tax credit, if you haven't owned a home within the last 3 years.
Sincerely,
Gilda Baxter
GRI,SRES, Realtor
"Your Home, My Reputation"
719-598-3183
GildaBaxter@msn.com
For a list a active homes go to my web page: http://www.GildaBaxter.com

Hi, Marjo. Most bank-owned properties are listed with a real estate broker who has negotiated a listing fee with the bank. This real estate broker works in the interest of their seller, the bank in this case. Because all commissions to be paid are already included in the price to be paid, it behooves you to work with a knowledgeable buyer's agent whose duty it is to work in your interest. In other words, you literally have nothing to lose and everything to gain.

I have experience and can help you through this process. Contact me at 719-304-9363 for the personalized attention you deserve. Or go to http://www.pikespeak-properties.com and register for a customized home search, so you can be one of the first to be notified of other bank-owned and all properties available in the Pikes Peak region.

Good luck to you!

Use an agent that knows the market and has experience with bank owned property. Write the best offer you can to include, pre-aproval letter from a lender, copy of ernst money, and offer the shortest possible closing date. This method has been very sucessful for myself and my clients. I would be appy to share more details,.gordondeanremaxadvantaeg@yahoo.com.
Thanks, Gordon 719-271-0852

Mario,
Use a Buyer's Agent because they work only for you and when you choose one, choose one that has the Certified Distressed Property Expert designation which means they have taken advanced education on the foreclosure and short sale process. If you don't know of one in your area, I will be happy to send you a couple names.
elisabeth@movetoevergreen.com

Marjo, I agree with Caryn. It is in your best interest to have a Realtor represent you. We have the knowledge to help guide and advise you throughout the entire process. I would be happy to help you, but even if you choose someone else - use a Realtor.
cell; 719.231.5525

Hi Marjo, the best way to proceed is to hire a Realtor to give you a tour of the property and to help you negotiate a successful sale. I would love the opportunity to help. Regards, Caryn