| So you've found a home on a realtor's website or on | | | | a square foot that at one time sold for $270 a square |
| a popular real estate site and you see the home is | | | | foot, accompanied with historically low interest rates. |
| almost being given away. You start doing mortgage | | | | It's a great time to be a buyer in this market. Don't get |
| calculations and see how much more home you can | | | | hung up on the fact that there are multiple offers, or |
| afford with these incredible foreclosures and bank | | | | that prices are more than what's advertised, focus on |
| owned homes. Now you adjust your search range | | | | what you're actually getting for the end price. |
| and start looking at homes that are a little bit more | | | | What should you do if you want to buy or look at |
| expensive than before. | | | | bank owned homes? First contact a reputable, |
| Now you contact a realtor to view these homes and | | | | experienced realtor who can put in to perspective |
| to the surprise of you and many other buyers, the | | | | what the homes in specific markets are selling for, |
| homes are selling for more than what they are listed | | | | compared to what they're listed for. Armed with that |
| for and in fact are getting multiple offers. We are | | | | knowledge you can accurately decipher between a |
| seeing bank owned homes command as many as 30 | | | | market priced home or a home that a bank is fishing |
| offers. | | | | for offers on. |
| Is it bait and switch? No, not really. What the banks are | | | | Keep in mind that the condition of the home and the |
| doing is in their best interest, creating competition and | | | | location will effect the price, however you can still |
| getting home buyers interested. Buyers are getting | | | | establish a market price for comparable homes to |
| excited and don't want to miss out and an incredible | | | | gauge what the bank is ultimately trying to receive |
| opportunity and it gets them out from in front of their | | | | from the sale of the home. |
| computers and out to the bank owned homes. Mission | | | | Make sure you are working with a realtor who knows |
| accomplished for the banks and government agencies | | | | how to "play the game" with the banks and can get |
| that own the homes. | | | | your offer accepted and pushed through before the |
| Is it not worth buying if there's so much competition? | | | | other offers are accepted and you can own a home |
| Of course it's worth it! The fact is the end sales price | | | | for a fraction of the price they sold for just a few |
| is still an incredible buy compared to the last two | | | | years ago. |
| decades of home buying. Homes are still selling for $50 | | | | |