Traditional Bid and Closure Procedure
The term “short sale” really refers to the way that the amount owed on a property is lessened or settled beneath the monies owed, and this process actually takes much longer than the traditional bid and closure procedure. Foreclosures and bank owned sales are no exception, so patience will be of great importance to you when moving forward with this type of purchase. Investors tend to have the most time available for waiting out the banks, though individual buyers can also reap the benefits of price reduction if they are in a rental situation or have extra flexibility.
Good Discounts on Properties
In many cases, if a home or property is unsafe or below code, the bank in possession will set aside the “as is” clause to the buyer agreement and take care of repairs in order to avoid delay or denial of closing. Don’t ever be afraid to ask for minor or major repairs to bank owned properties, as there is always a chance at saving more money and time.
Bank in Possession
It is important to note that bank owned properties may not be the best value or the lowest priced ones on the market, so you will need to be diligent when determining fair market values and good discounts on the properties that interest you. By reviewing comparables and specs, either on your own or with the assistance of your preferred realtor, you will be able to figure out the best way to proceed with your inspections and bidding. If you happen to find a bank owned property which is listed at the top of the fair market scale, you might either start your bidding low or move on to the next property available.
You may need to move quickly, though the bank in possession of will certainly reserve the right to take a great deal of time in responding to your queries and bids.
Get in touch with Gregory Consulting Group
fill in the form