| p>Bank owned properties are also commonly | | | | that lets them back out from the sale should they |
| referred to as a Real Estate Owned homes. When a | | | | discover damages not mentioned in the description, |
| foreclosure auction does not result in home sales, the | | | | which the bank will not repair. But banks will give |
| properties revert to the lender, which is usually a | | | | buyers credit or price discounts for repairs that are |
| bank and become part of their assets. As many | | | | to be undertaken. Banks likewise do not offer |
| homes do not really sell at auctions they end up in a | | | | financing but you may still want to check, especially if |
| bank owned listing, where the mortgage is concluded | | | | it turns out that the property has a lot of damages |
| and the bank handles the necessary legwork such as | | | | and you are buying it "as is". |
| evicting the occupants, arranging tax lien removals, | | | | Ready to Make an Offer? |
| even settling dues from homeowner's association. | | | | Instruct your agent to touch base with the bank's |
| Is It a Bargain Though? | | | | listing agent to check on a number of pertinent |
| Banks are hard pressed to sell these homes as it | | | | information. Firstly, you have to see the inspection |
| really does not turn in a profit. Sometimes, banks | | | | reports if there are any. Then you have to know |
| would invest in repairs just to make houses more | | | | what repairs the bank agreed to undertake. What is |
| attractive to buyers but this is not always the case. | | | | the waiting time before a bank accepts an offer. On |
| These properties are insured though and banks would | | | | your end, you or your agent can submit your offer |
| normally and they have an entire department | | | | through fax with the original documents to be given |
| dedicated to managing their home inventory, they | | | | to the bank's listing agent. The offer should include a |
| also normally commission an agent to handle the bank | | | | your pre-approval documentation and a resume. |
| owned listing. Most banks opt to sell their houses "as | | | | Armed with this knowledge of bank owned listing |
| is" but they are willing to offer a pest certification. | | | | you can maximize your efforts at landing the best |
| All offers from buyers include an inspection period | | | | property your money can afford. |