| As with all things, there are many positive and negative | | | | dependant upon residing at the property, the bank |
| aspects to inspecting and offering on bank owned | | | | owned home might be your best bet. Also, it is |
| homes for sale. There are many instances where the | | | | important to understand that the "as is" clause present |
| asking price from the bank, when in "quick unload" | | | | under most bank owned property purchases is not |
| mode, are well reduced and very much a steal of a | | | | etched in stone, and that in fact many banks will pay |
| deal. There are also times when the bank is high on | | | | for and expedite repairs which are holding up a loan or |
| their asking price, and because most bank owned | | | | closing. |
| homes are listed "as is", the buyer could kind | | | | You will most likely be given a contract by the bank |
| themselves in a pickle at the time of close. The moral | | | | that owns the property, and this needs to be carefully |
| of the story is: just because a property is listed as a | | | | read and sifted through before any signing or |
| bank owned foreclosure doesn't mean that it's the | | | | agreements take place. You may want to have an |
| best deal on the block. | | | | attorney present and up to speed when signing such a |
| Once you have determined that a bank owned home | | | | document, as many bank contracts are very different |
| is the best deal for the money available in your | | | | from what you might expect with a traditional sales |
| situation, there are quite a few steps and setbacks | | | | agreement. Remember that the bank is not in a big |
| which are bound to occur. For the better part of | | | | hurry to unload this house, no matter how delinquent |
| experience, the closing on the purchase of a bank | | | | the balance is or what the percentage owed to value |
| owned property is long and tedious, the bank often | | | | is on the property. |
| stalling for weeks or months as if to say that they | | | | Also, the inspection is an important part of your buying |
| don't really care to be rid of the home at all. The bank | | | | process, and as such should be done thoroughly. Turn |
| owned property buyer must be prepared for many | | | | on all the faucets, look behind all the doors for holes or |
| long waiting periods and times of non-communication. | | | | missing hardware, and turn on the heater. Some |
| This can be frustrating, but if the price and value are | | | | owners leave the foreclosed as disgruntled or agitated |
| right, the downtime spent is worthwhile. | | | | evictees, and the cost of extensive damages left |
| In these cases, it is best to be in a position where you | | | | behind might trump the great price that you have |
| can afford to wait out the bank's decision. If you have | | | | negotiated on the property. This is where you will need |
| the luxury of affording a small apartment for a few | | | | to ask for repairs from the bank, even when the |
| months, or if you are an investor and are not | | | | contract says "as is". |