Tel: (386) 304-2633

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Buying a Bank Owned home can get you the buyer a terrific deal. You do need to do your homework and know your local market. In most cases properties are sold in as is condition the seller will make no repairs what you see is what you get. The steps to buying are as follows.

1. Select your REALTOR and then commit to work with that agent just be sure the agent you choose is familiar with Bank Owned properties all of our agents are well versed in selling Bank Owned properties as well as traditionally listed homes.

2. Contact your lender or call us and we will recmond several lenders you need to be pre-approved before you begin your search. Sellers will not even look at your offer if you don't include a pre-approval letter or proof of funds letter from your bank.

3. Determine what you are looking for. Setting down with one of our agents will speed this process and you will be able to help with the search process.

4. Get the home inspected your buying it as is this is not the time to shop on price alone you need a good qualified inspector.

5. Make your offer, your agent will assist you with this. We’ve all heard the stories that you can by foreclosures for pennies on the dollar. They are just that stories The prices are set using a good current appraisal and then discounted in regards to condition and what the lender feels will generate a quick sale time (under 90 days) .

6. Now the hard part waiting for the answer. Keep this in mind your offer is submitted to an asset manager who will accept or reject your offer. It is then forwarded to a committee at lending institution which actually owns the property. This committee makes the final decision. This process can take time so be paitent and you may be rewarded.

7. Once your offer is accepted the closing is scheduled and you get to move in.

 

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