How to Buy a Bank-Owned Property

Dated: April 10 2018

Views: 525

Many buyers that look to purchase bank-owned properties for either investment or as a primary residence are looking for a deal.  But with a decreasing supply of bank-owned properties in Tampa, many buyers find themselves in bidding wars.

It is not uncommon for a bank-owned property to have multiple offers creating a bidding war.  So what can you do to make sure you beat the competition? Here are a few tips from experts...

 

  1. Start with your highest and best offer. Most Realtors agree you should not go in lower than full asking price and you should offer the most you feel you are willing to pay for the property. In multiple offer situations, it is common for the final sales price to be above the listing price.
  2. Provide a large good faith deposit.  Most people go with $1000, considering offering more to show how serious you are.
  3. Choose a closing date that is ASAP.
  4. Be sure to complete all required paperwork with your offer.  If the bank has multiple offers and you have not submitted required bank forms or other paperwork then they may choose another offer that is more complete.

If you are ready to look into purchasing a home, contact Homeward today to get the process started!

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