| One of the steps in buying bank owned property most | | | | Indicate in your offer whether you will buy the property |
| buyers don’t know is making an offer for the | | | | in cash or through financing. Since banks like cash, it |
| house you want. That is one reason why you need | | | | would be better if you are a “cash buyer.” You |
| the help of a realtor when buying bank owned | | | | must also include a proof of income if you will buy the |
| property. He should know what to do. | | | | property in cash. In some cases, banks accept offers |
| To make things easier to understand, think of it this | | | | that are below the listing price of property if the buyer |
| way: Making the initial offer for a bank owned property | | | | will acquire the home in cash. |
| is same as making a first impression. If first impressions | | | | It will also help if you determine first whether the |
| last, your initial offer must be your first and last. Your | | | | property you like has no offers or has multiple bidders. |
| initial offer must be good so that you no longer need to | | | | If it has no other buyer, then you can offer an amount |
| make another bid. Offering a second bid could last for | | | | lower than that price the bank is asking for. If a lot of |
| weeks or even months. | | | | other buyers are interested in the house, you must |
| While your realtor will know what to do, help your | | | | naturally raise your offer to attract the bank’s |
| cause by double checking your initial offer. Make sure it | | | | attention. |
| contains your intention to buy the house, first of all. | | | | You can still learn more tips on buying bank owned |
| Include the estimated repair cost in your bid and | | | | property at Fill out a form on the upper right hand |
| support it with photographs of the house taken during | | | | corner of the web site and you’ll get a FREE |
| inspection. | | | | report on buying bank owned property. |