You read it everywhere the great deals that you can get by purchasing a foreclosure | bank owned home | reo. Usually these distressed properties sell below market value. Many times muliple offers come in all at once which makes buying a bank owned home | foreclosure | reo very competitive. Just remember when you see a home that you like, more than likely your dream home is also someone else's especially if the home is under market value.
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It's wise to decide the maximum of what you are willing to pay. Often times there are no negotiations and the bank will accept the best offer that they believe will make it to closing.. That means its important to offer the best offer you can make if you really want to buy a foreclosure. A cash offer or an approval from a lender is always appealing to the bank. Keep in mind the bank considers the best offer and not necessarily the highest offer.
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If you are in the market to buy a foreclosure | bank owned home or reo consider ways of improving your chances to win the bid and have the bank accept your offer.
- Offer a realistic price by comparing to other closed transactions and make sure you use properties that resemble what you are buying. That means base numbers on solds. Often times properties priced below market value recieves multiple offers and often above list price.
- Go ahead and get mortgage approval and submit your letter with your offer. A prequalification letter may not work in your best interest. It's important to let the lender see how serious you are about buying this property. Approval letters always give people negotiating power and that would include banks.
- If you can offer cash, do so because a cash closing will save every one time and money. In most cases banks prefer cash over mortgages. If you decide to offer cash make sure and show proof of funds.
- Always ask if there are multiple offers in most cases if there is only one offer on the table and its yours and the property has been sitting on the market for some time, more than likely that property will be a great value and yours at the end.
- Read the contract and addendums thoroughly, often times the bank will have their own way of doing business and remember the bank has the bank's best interest at heart so its important to have someone working for you.
- If the bank requests that they a choose a title company, chances are there is a savings to you and sometimes a property will not make it to closing unless you agree to use their title company.
- Do a little homework, that means check the tax rolls and find out what the bank paid to take the home back. More than likely if you offer more you have a better shot. Banks do not like to continue to lose money, they have already lost alot.
- Request a cma and look at all the numbers in most cases the banks bases a lot on the solds but you want an overall picture of market conditions in that subdivision.
- Make sure and send every piece of documentation that the bank requests, one missing document could make your offer null and void.
As you can see it's important to understand the foreclosure process hire yourself a good REALTOR, one who specializes in bank owned properties | REO's| foreclosures. As a Certified Distressed Property Expert serving Lake Mary and surrounding areas, I understand the process and would be happy to assist you in buying your dream home.
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The source of the listing data is as follows:
| Stellar MLS (updated 7/20/19)