Preparation for purchase is the best way to get into a bank owned (REO) property. First, you need to get proof of funds for a cash deal or a qualification letter from a major financial institution. Second, You need a good agent to promote your offer over competing offers; most banks will price the property below market in order to spur competing offers, then wait 7 days and select the best offer, which may be more than list price. Once an offer is accepted it can close as soon as 7 days or, in the case financing, it could take 30-45 days, depending on your lender. Most all REO's are sold "as-Is" with right to inspect. If you want to get your foot in the door and would like a sneak preview of some pre-foreclosure properties, then please call me at 941-349-6465.
Bob Stahlschmidt, your real estate professional
Prudential Palms Realty
Be sure to make a difference between "short sales" and bank owned properties as short sales do NOT close fast. In a short sale the bank is not the owner but a third party and needs to consult with investors and often insurances in the background. Right now REO's are scarce here in Sarasota County but that may change soon. Good Luck!
Faye Doyle, LLC
RE/MAX Alliance Group
2000 Webber Street
Sarasota, FL 34239
Some banks may ask you for a 30 day close and you can always add an 'on or before' if you want to close fast.
It depends on the bank. Some close in 30 days, some 45. Cash of course is always better, if you're going to make an offer you need to include proof of funds, perhaps a bank statement with the account blacked out. DOn't forget about the tax credit for 1st and 2nd time home buyers. It's a great time to buy! If I can be of further assistance, please contact me.
Your friend in the business,
Kim : )
Kimberlie Slade, SRES, PMN, TRC
Seniors Real Estate Specialist
Women's Council of Realtors (WCR)
2010 WCR District XII Vice President
2006 & 2007 Past WCR Venice Chapter President
2008 WCR Chapter Mentor of the Year
2007 WCR National & Florida State Chapter of the Year
2007 WCR Chapter Business Women of the Year
2008 & 2009 FIVE STAR AGENT "Best in Client Satisfaction"
2008 Top Producer
Prudential Florida Realty