If I see a home on here that is bank-owned, how do I find out how to put an offer on it?

Asked by Leighangela, Stow, OH Thu Sep 17, 2009

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Cecilia Sher…, Agent, Rocky River, OH
Mon Sep 16, 2013
You will need a Realtor to make offers. Find a good one in your area and let them know about your goals and situation.

They will be able to guide you through the entire process. You will want to make sure your earnest money and pre-approval are solid and ready to go. Many bank owned homes right now are going fast and some above asking price.

Cecilia Sherrard
RE/MAX NE Ohio
216-323-4620
http://www.YouShouldOwn.com
0 votes
Mark Young, Agent, Fairlawn, OH
Tue Oct 6, 2009
I've sold many bank owned homes in Summit County in the 12 months to multiple investors and homeowners and can most certainly help you purchase one. If you have any questions, please contact me directly at (330) 247-2462 or visit my website at http://www.BuyorSellwithMark.com.

Also, if you are looking bank owend homes, I can set you up on a free list of ALL the bank and corporate owned homes the Stow/Summit County area.

I look forward to helping you!
0 votes
John Wirsing, Agent, Pepper Pike, OH
Thu Sep 17, 2009
I certainly can help in Stow. I live on the portage county border in Bainbridge. If you are a 1st time home buyer with a clean credit history--IT REALLY IS IN YOUR BEST INTEREST TO ACT VERY QUICKLY!!!
The Federal government has an $8000 Tax Credit that 1st Time Home Buyers are eligible to receive with a couple of minor restrictions. This program is one of the best things that the Federal government has ever done to shoot the Real estate market in the arm with Fresh buyers.
But, the home must close before December 1st, 2009.
NORMALLY, it takes around 30 days to close a property after the agreement has been made. If you use the Ohio Bond Fund Program (OHFA) you can expect it to be 1-2 weeks longer. So we really are getting to the 11th hour to make this happen.
You really may wish to make getting loan approval a priority so that you know what price range of home you can afford to purchase.
I am not a Mortgage Broker. But, I can suggest to you a number of Lenders who can explain to you the different programs that are out there and assist you to select the one that best suits your circumstances. My recommendations are made solely on the success that I have had with these lenders in getting deals done in a fair, equitable & timely manner.
Please drop me an e-mail at John@CallRealtorJohn.com or call me at 440-487-2193.
Thanks again,
John Wirsing
e-PRO REALTOR
RE/MAX Premiere Properties
0 votes
Leighangela, Home Buyer, Stow, OH
Thu Sep 17, 2009
Thanks John. I may contact you if you can assist with me down in Stow. I'm a renter, this would be my first purchase, I haven't been approved for a loan yet, still looking into applying. Contacted my bank yesterday, no answer yet (!). But we want to stay in Stow or nearby.
0 votes
John Wirsing, Agent, Pepper Pike, OH
Thu Sep 17, 2009
As a real estate professional, I can assist you in going through the steps to make you purchase happen!
First, we would determine if that property is still available. (One of the biggest problems with many websites is that the information is not curent.)
Second, we would schedule a showing on that property so you could assess the current condition that it is in.
Third, we would do a market analysis to determine what the current market value of that property would be.
Next, you may wish to have your contractor evaluate the property to assist you in working up costs to make the home what you want it to be.
Once these steps are accomplished, it is now time to assess what kind of a financial package it will take. If you have the cash available, it is a lot easier. If you would need to borrow money to purchase & make the repairs, then we would need to get you in touch with a lender that would offer a type of FHA loan called a 203-K program. These loans are government backed loans that are designed to assist people who want to do rehab work.
NOW--We are ready to write up an offer and submit the bid.
If I can be of any assistance, please call me at 440-487-2193 or drop me an e-mail at John@CallRealtorJohn.com.

Look forward to helping you!
John Wirsing
RE/MAX Premiere Properties
e-PRO REALTOR
0 votes
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