25th
How Easy It To Buy A Bank Owned Property?
Okay, so the banks have foreclosed and want to sell as quickly as possible, right? Well, in theory yes….in reality , it more than likely will take time. How much time depends on many factors so beware. You may want to look elsewhere if you have a set time frame that is in the not too distant future.I have been trying to negotiate a bank owned for nearly a month now and we are still not there. Frustrating, aggravating and so hard to understand how they let this happen.
Many banks are overwhelmed with properties so they hired asset management companies that handle them for them. The asset management are handling all the foreclosures around the country. Many of them are dealing with you online or through voice mail (they never pick up)which is why answers take so long.
What to do? You may not run into the problems I am having, but if you do make sure your broker is constantly calling the bank or asset management company. The more contact they have with you, the more likely they will respond so you’ll get off their back. :-) You know be the squeaky wheel.
Another thing……be careful when buying bank owned! Some banks have an addendum that they say can’t be changed. The addendum says it supercedes everything else in the contract. The addendum says you are buying the property “as is where is”. So, if you have a home inspection contingency in your offer you can do the home inspection, but if you don’t like what you see you still have to buy it or loose your deposit. What we did was negotiate the price, did the home inspection and then signed the paperwork.
Bank owned and short sales can be great bargains, just make sure you have someone that will protect your interests and has had some experience doing them.
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