Mike Calef

Hello Amy. Bank owned properties are popping up all over the place. That is a direct result of our recent lending crisis. As for dealing with the banks there is one thing that I can recommend as a qualified buyers agent.....have patience. Instead of an offer taking 24-48 hours to go back and fourth, a bank offer can and most likely will take weeks. My most recent dealing took 3 weeks to get a counteroffer.....and the counteroffer was over the list price. Crazy I know, but the banks all have a process and with the huge numbers of foreclosures that they are getting it is too tough for them to handle quickly. Be patient, hire a buyers agent to help deal with the bank, and understand that in most instances you will be buying a home as-is. Good Luck. Hope it helps. - Tue Mar 4 2008, 18:56