| People who plan to buy a bank owned property will | | | | initial impression should not be the only basis for |
| probably think that they are getting a good deal, | | | | judging the condition of the dwelling. Some |
| particularly with the low prices of distressed and | | | | rundown-looking houses may be even better deals |
| foreclosed properties nowadays. But there are other | | | | than flashy looking homes. |
| things that buyers can do to make the deal a better | | | | For one, homes that require repairs are offered at |
| one. | | | | very low prices. People looking for a house to |
| Getting a Better Price | | | | purchase might be wary of dwellings that require |
| Even if buyers think they are getting a great price, | | | | repairs, but if the adjustments needed are just minor |
| there are still steps that they could take to make the | | | | and will not raise the price too much, then it would |
| purchase price even lower. One way of getting the | | | | still be a good deal. |
| best rate is to look for houses that have already | | | | The trick is to have a professional property inspector |
| been available on the market for some time. Banks | | | | look at the foundations of the house. If the |
| are usually willing to bargain when a property has | | | | foundation is solid and does not require fixing, then |
| already spent a few months on the market and is | | | | the cost of repairs will not be high. Add the costs of |
| yet to be sold. | | | | repairs with the purchase price and compare the total |
| When negotiating for the actual purchase price, the | | | | with the selling prices of similar properties in the |
| offer should be 15-25% below what the bank's | | | | neighborhood to get an idea whether the deal is a |
| asking price is. Of course, there is no assurance that | | | | good one. |
| a bank would agree to the offer, but if they are | | | | A bank owned property can be a good deal but |
| eager to unload the property, a buyer will have a | | | | buyers can make it even better if they take |
| better chance of winning the bidding war. | | | | advantage of the opportunities open to them to get |
| Buying a Property That Requires Renovation | | | | a lower price and a house in good condition. Hiring a |
| Sometimes, people are turned off by a bank owned | | | | licensed property inspector and a real property |
| property that looks a bit rundown. However, the | | | | lawyer will also help. |