What To Expect When Dealing With The Bank On Bank-Owned Properties
There is a lot of confusion right now for buyers in knowing what to expect when placing an offer on a bank owned property. When banks place a home on the market they usually set their price according to a BPO (Brokers Price Opinion) given to them by a cooperating agent that is listing the home. If you have done your homework and the home is priced to sell compared to other homes for sale in the neighborhood then the home will usually sell very quickly. Here are a few things to remember when considering a bank owned property.
It is important to understand:
1. Bank Owned Properties priced well will usually get more than one offer within 2 weeks. The quicker your offer comes in the better.
2. The price will usually reflect the deep discounts that you are looking for so don’t expect a huge discount from the asking price if it is already priced well.
3. The Bank is not emotionally attached to the property. If the numbers work for them, you have a good chance. If not, you are wasting your time because some one will pay for the place.
4. The bank wants to wrap the deal up quickly. Settlements over 30 days out and with multiple contingencies like home inspections and sell of home are not favorably looked upon.
5. Banks will usually respond within a work week of an offer.
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