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Buying Foreclosures And Bank Owned Homes
Buying Bank Owned Homes/ Foreclosures
Many people are interested in foreclosure properties, and for good reason, as they are many times a great investment opportunity. That being said, they are not always better than other "re-sale" homes on the market, not owned by a bank. Assuming you do find a bank owned home and want to make an offer, here are some things to keep in mind.
1. What is a Foreclosure? - A foreclosure is when the bank who loaned the money for a person to buy a home regains ownership of the home once the loan is defaulted on. These loans can be bought and sold by different entities and it happens all the time.
2. How banks determine price. - Banks will typically get a home appraised and price it at appraised value, or have a realtor give what is called a broker's price opinion to the bank and list it at that recommended price.
3. Asset managers - Asset managers control the decision making on the banks behalf and are essentially the ones who are negotiating with you on your offer. Keep in mind that there ultimate goal is to get the homes sold at a fair price so that the bank can move on, having inventory isn't good for the bank.
THE OFFER - (First thing you should do is hire a realtor)
One of the most important things to consider before writing an offer, on any property, is knowing the market you're in. This will determine where you come in with the offer and what to expect the agreement to come together at.
Typically banks are willing to negotiate about 10 percent off of the homes list price and are prepared to do so unless it's brand new to the market. So be prepared for 2 to 3 counter offers and no more since the bank has a certain number they have to make.
Once the offer is accepted - The process once the offer is accepted is the same for the buyer as a regular home purchase, just expect to have to sign a lot of documents and paperwork.
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