Buyers are jumping through hoops to buy bank owned houses

Because it may be possible to buy a bank owned home at a good price, homebuyers are having to be patient and accepting of bank requirements in order to have an opportunity to own a previously foreclosed home of owning. Real estate agents on the other hand are often frustrated at the hoop jumping they and their buyer must do in order to get an offer accepted.

Buyers and agents are discovering when buying bank owned homes:

• Brand new bank owned listings are going under contract or have multiple offers within hours of hitting the market.
• In multiple offer situations banks are asking that buyers consider submitting a revised offer that is their “highest and best”.
• Buyers are often given a limited window in which they can conduct their inspections. Having a home inspected prior to buying is important and especially so given that most lenders make it clear the buyer is buying the home “as is”.
• In some cases listing agents are seemingly so busy that it becomes a frustrating chore for the buyer’s agent to contact the listing agent to discuss the offer or the home prior to making the offer or even after the offer has been submitted.
• Even when the lender indicates they may accept an offer submitted by a buyer, most lenders make it clear that there is no real acceptance until the bank has received all paperwork, reviewed and delivered the addendum and contract back to the buyer. There never seems to be a time frame in which the bank must accomplish this task that results in buyers waiting longer than customary before finding out if they bought the home.

Still, patient buyers who are well informed of the entire process at the beginning by their REALTOR, end up at the closing table purchasing what most believe to be good deals. Buyers can increase their chances of an offer being accepted on an REO property by using a real estate agent who understands the process from start to finish. To be introduced to such an agent, contact me.