| Buying a home can be a significant investment and | | | | buying process. |
| stressful for most, especially in today's REO, Bank | | | | Buyers please keep in mind that Bank Owned Homes |
| Owned, Foreclosure and Short Sale market. This is | | | | are generally sold in "As Is" condition, which means the |
| definitely a SELLERS market with a BUYERS price. It | | | | Seller is not going to do any repairs on the home prior |
| will take time and will require great real estate | | | | to you purchasing the home. The bank is also |
| knowledge. | | | | "exempt" in regards to disclosing any prior or current |
| One of the most important aspects of buying a home | | | | knowledge of the home (what may or may not be |
| is not only the act of buying the home, but actually | | | | wrong with it). Be sure to always get a thorough home |
| getting properly pre-qualified to buy the home. As a | | | | inspection by a Professional Home Inspector. |
| buyer there are many types of loans you may qualify | | | | Most of the time there are going to be multiple offers |
| for depending on credit and income. The best way to | | | | on the property. So how do you separate yourself |
| select a reputable lender is by referral or through your | | | | from the other offers??? Terms. Here are some ideas |
| trusted Real Estate Agent. Be sure to ask the loan | | | | that will help make you offer very appealing to the |
| broker for the different programs that are available | | | | Seller. |
| -for example, FHA, Conventional, VA and Cash. | | | | 1. Make your Earnest Money Deposit (half or the entire |
| Without the proper documentation, i.e., pre-qualification | | | | amount) non-refundable after your inspection period is |
| letter, proof of funds and earnest money deposit, the | | | | over. |
| seller (this could be the bank, asset management | | | | 2. You can always increase your deposit during the |
| company or individual) may not even look at the offer | | | | middle of escrow. |
| or simply reject the offer. Proper up-front | | | | 3. Shorten your inspection period. |
| documentation will not only ensure your offer is | | | | 4. Make your loan not a contingency of the sale. |
| submitted but may get you put on top of the stack if | | | | 5. Make the appraisal not a contingency of the sale. |
| the other potential buyers have not properly prepared | | | | Most importantly, you are going to need a very |
| or their buyers agents haven't educated them in the | | | | assertive Real Estate Agent like myself. |