You have received some good advice from these agents. I would just like to add the importance of getting pre-approved first. Not pre-qualified but full approval. The banks investors do not want to wait around for you to get financing in order and because it can be frustrating to compete with several other buyers on one home you need to have everything in order first. Several of the investors like Fannie Mae will give you special financing incentives to go through their Home Path financing which you can always switch after you have won. It’s a fast frenzy of a process at first but exciting when you get that deal you just need some patience and a good agent that will move quickly on your behalf.

Good luck!

Stacey is correct, it is very similar to buying an owner owned home. You will need an agent that is experienced as the banks can have their own forms and own deadlines! Bank owned homes can go quickly so you will need someone that will watch the area you are interested in closely so you don't miss a good deal. Be sure you have loan approval so your agent can include it with the offer, and if you are buying with cash you will need the appropiate proof as well. While you look you should start interviewing inspectors so you will have an idea of who you like and don't like and who is usually available. Sometimes the inspection is done prior to making the offer, but your Realtor can walk you through those, it would say that up front.

If you don't have an agent, I would like to interview for the position. I can tell you about my experience and if you decide to work with me we could get started today. Good Luck to you and I hope you find what you are looking for! Feel free to contact me directly if you have any questions!

Shilo D. Conn
Realtor

The bank owned property market is very hot right now with many listings receiving multiple offers.
A buyer has to be quick to act and ready to make a strong offer in order secure a deal.
With rising demand and competition to buy some of the best real estate deals you can find., you will need an experienced pro-active agent who know the area and the local inventory in order to maximize your ability to find and buy these properties.

William - The process is very similar to making a regular home purchase with a few additional steps (bank addendums, sometimes online bidding, etc.), although I strongly encourage you to work with an agent who is experienced with Distressed Properties. I would be happy to walk you through the process and chat with you more about how I might be able to help you -- I have closed countless REO Bank Owned transactions and have access to inventory lists of bank owned homes that have not yet made it to market. Here is a bit more about me: http://www.searchseattle.net/stacey-lange.php

Additionally, as a buyer - here are some helpful home buying tips: http://www.searchseattle.net/buying-tips.php

And finally, a list of bank owned homes in the area: http://www.searchseattle.net/bank-owned.php

I am right here in Snohomish County and know the area very well -- feel free to call or email with any questions you might have!

Best of Luck!

Stacey