When buying a Foreclosure=REO=Bank Owned Property there a few things you should know that are unique to foreclosed properties:
- all sales are “as is”- meaning the bank will not be fixing anything. There are some exceptions to this that we always go over in our buyer consultations.
- your contingencies are passive-this means by you not telling the bank you don’t want to proceed, your are telling them you want to move forward. In a regular transaction you have to actually remove your inspection, loan, and appraisal contingencies in writing.
- Delays-banks can be delayed for various reasons. If title has issues with liens etc, these can sometimes take extra time to get cleared up.
Some postivies to buying bank owned properties are:
- dont’ have to wait on the bank to approve a price as in a short sale-the property is already approved to sell at the current list price.
- good price-bank owned properties are less expensive than traditional sales.
- no emotions from the seller-since it is a bank on the other end of the transaction, there is not a seller present who is emotionally tied to the home.
Our team is very well versed in helping buyers purchase bank owned homes. You want to make sure you have an experienced agent representing you during your purchase. We also operate with a high sense of urgency, which is a must when looking to buy a bank owned home. To set up your no cost buyer consultation, please call 916-343-0372 or email jenica@jenicawilliams.com. We look forward to serving you!
