how do buy a bank owned property?

Asked by Jk, Sunny Isles Beach, FL Sun Feb 20, 2011

I would like to pay cash for a bank owned property in a 10 mile radius of Fort Lauderdale Fl

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Vicki Holmes, Agent, Tucson, AZ
Sun Feb 20, 2011
Best to be represented by a real estate professional so that you are protected in writing the contract. The bank owned property are sold as is and it is very important that your are protected just in case you find a problem with the property. A real estate agent can also help you understand the banks required addendums.
Good Luck
Vicki Holmes
1 vote
Gary Lits, Agent, Hollywood, FL
Sun Feb 20, 2011
You would have to submit proof of funds along with your offer. In the event that the bank have mutiple offers,
they will come back to to and ask us for your "highest and best" offer.

At that juncture, you will have the option to re-iterate your same offer, or increase it a little, depending on how badly you want the property.

I would suggest that you work with any experienced realtor that you like and trust, and ask them to do a search for you in the price range and area's that you want to buy in. I would also advise looking at all the inventory in your selected area and price range and only exclude UNAPPROVED SHORT SALES, as that is the only way to be assured of the best deal.

In the event that I can be of further assistance, I can be reached at (305) 542 9109.
Gary Lits
Licensed Real Estate Broker
Gary Lits Realty
Cell:(305) 542 9109
1 vote
Edyta Gryc, Agent, Naperville, IL
Sun Feb 20, 2011
You would need to have a current proof of funds (usually not older than 30 days-bank's requirement) along with your offer. If you specify your criteria, I can set up a free search for you with bank owned properties available on the market.
Please feel free to contact me if I can be of any further help.
1 vote
Olga G. Sant…, Agent, Aventura, FL
Sun May 5, 2013
Hi, Jk.
Now in the market are many options Like Finnie Mae or Freddie Mac. Just give me a call and i can help you to find the best deal for you.

Graciela Santillan
Charles Rutenberg Realty, LLC.
0 votes
Irina Karan, Agent, Aventura, FL
Thu May 2, 2013
Another way to buy is through watching the website's offerings.
Once you spot the property you like, you got to jump on it right away.
With the help of your realtor, check out comps and come in with your best and highest offer.

Different asset managers choose differently.
Some will pick the best and highest and work with it.
Some like to market the property a while before doing the "Multiple Offers Situation" notification
and the following round of "best and final/highest" request.

If you come in strongly, yet, not overpaying (by checking the comps), you have a better chance
of winning in the bidding for a foreclosure.

Recently, however, the prices are growing faster then comps.
Many popular condominiums have too few sales to have a good comparison (because people live there, liking it, and not selling). In this case, if investor, calculate your returns, and, if everything
looks good - go for your best and highest, yet, "calculated" price. If buying for yourself using cash funds - go with how much you can afford and how much you love the place. If buyer for yourself with financing - be prepared to either negotiate the lower appraisal value with the seller (which they may or may not agree to), or to pay for the difference between the appraisal value and the purchase price.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
0 votes
Todd Cox, Agent, Sunny Isles Beach, FL
Mon Dec 10, 2012
Please contact me at your earliest convenience regarding REOs/Bank properties or Approved Short Sales. We also have great deals on non-listed investor owned rehab properties. Please reply with your contact info and you will be placed on our list. FYI- These properties sell as fast as they come available so please be prepared to move.

Todd Cox ( Realtor)
Yaffe Int. Realty
786-486-4107 Cell

Get Pre-Approved Easily
Raquel Quintana ( Mortgage Broker)
0 votes
Luis E. Loza…, Agent, Weston, FL
Sun Feb 27, 2011
very simple with the help of a professional Real estates
Please call for more information at 954-297-5634
0 votes
Beate Rodrig…, Mortgage Broker Or Lender, Sunrise, FL
Sun Feb 20, 2011
Hello JK,

unless you are a cashbuyer, I would recommend you get a pre-approval letter from a lender, proofing to the owner (who is the bank), that you qualify for a loan.

The second step would be making an offer on a bank owned property. I highly recommend using a Real Estate Professional (Buyers-Agent) who represents YOU at no cost to you.

Interest Rates are still low and there are great deals out there. Good luck in finding your dream home.

Please feel free to contact me regarding a free no obligation Mortgage Loan pre-approval.

Best Regards,
Beate Rodriguez
Lic. Loan Originator
0 votes
Beth Jenkins, Agent, Miami Lakes, FL
Sun Feb 20, 2011
Hi JK,
You would buy it the same way as you would a regular property, with an offer and proof of funds.
It is a bit competitive with the "good" properties so an auto-search set up to be delivered daily to you is the best way to go, that way you can see what comes n the market immediatly and have the best shot and securing the propertty.

If you need assistance, feel free to contact me with your criteria!

Beth Jenkins
South FLorida Brokers
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