Jason Stevens, REALTORÂ®, GRI, ABR
Graduate Realtor Institute
Accredited Buyers Representative
Real Estate Broker Associate
REOTrans Platinum Certified
Kevin Flynn Realty, Inc.
Cell - 941-662-0379
Home Office - 941-698-0973
Home Fax - 941-698-0973
Keep in mind though that the process can take a long time, you will get little information as to where you are in the process from the other side, and you need to keep an open mind regarding the property. You will want to do a home inspection, make sure there are no liens or back taxes the buyer may be responsible for, don't expect the bank to make or give a credit for any repairs, be prepared to pay for turning the water and electric on and off for your home inspection, be prepared to pay for any repairs that may be required by the town before you can close, and be prepare to move on to another property even after putting all the time and effort into the first property. Many times the property does not pan out or the bank denies the offer well into the process and then you need to start over. Not all transactions happen this way, but don't be surprise or blame you agent if it happens.
Also, you need to be approved and ready to go on quick notice. Many times once the bank approves the sale you get notified of a closing date and need to be able to close on their terms. Good Luck
2 questions in a short period. What's up? What are the details?
Sorry, I'm not sure what you mean here. If there are no other biders, then of course the property reverts to the mortgage holder (assuming that they were the ones who secured the judgement of course.)
There is one huge advantage of letting the bank take the property back. When they sell it, it will have a clear title and be free of liens, which was your previous concern.
Yes, you can choose any realtor to represent you. Need a referal? Send me the details and I'll recommend a local realtor to you.
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