There are many concerns you should have when buying a bank owned (also known as REO) property. The main issue, is of course the condition of the property as many banks prefer not to complete any non essential repairs. Your sales contract will most likely be an AS IS sale and you will be required to sign many bank addendums as well.
Your preapproval letter will be preferred if it is from a direct lender and not a mortgage broker. Also, proof of funds are required. You want to make your offer look the best and be able to compete with the many full cash investor offers that are out there.
Feel free to call or text me at (561) 281-6509. I am a former bank owned property Asset Manager who worked on behalf of the big banks and have years of experience reviewing offers on their behalf for acceptance as well as listing and selling REOs. I'd be more then happy to get a list together and take you around to show you some REO property.
Best of luck!
Mirsky Cole & Company
4580 Donald Ross Road, Suite 107
Palm Beach Gardens, FL 33418