Tucson Bank owned properties may NOT be a great deal unless you’re ready!
Bank owned properties are all the buzz these days as would-be home buyers line up for the deal of the century. That is, after all, the good side of today’s real estate market - someone else’s loss can be your gain. Real Estate agents are bombarded with “how to get rich selling foreclosured properties” but there are down sides to this market. Being armed with good information will help you weed out the dogs.
First, buying a property from a Bank is not the same as buying from a person. It takes longer, requires more paperwork and while the Bank wants to sell the house the people handling the process probably have a large cache of inventory to deal with and yours is only one in their stack. Besides, they are what I like to call “box checkers” - follow rules, don’t make decisions, are paid by the hour, get sick days, and take vacations. 8-to-5′ers.
Second, the people that used to own the property probably did NOT take care of the property (not hard to imagine since they couldn’t make the payments). Most Bank owned properties have damaged windows, flooring, doors and/or walls, missing appliances and are generally not habitable. Since the home is collateral for your loan, the property must meet minimum condition standards and the Bank is not likely to work with you.
Occasionally, if you’re on top of new listings and ready to go, you can snag a real cherry of a home under market value in good (or excellent condition). The BEST things you can do to be ready:
1. Get full loan pre-approval through Todd Abelson and Tyler Ford at Sunstreet Mortgage so your offer stands out as saying “hey, we have our funds and are ready to close!”
2. Work with a Realtor® that can help you weed out the dogs and be ready to submit an offer with one visit to tie the property up. Give us a call and we can refer you to a Realtor that is an expert in deal with Bank Owned properties.
3. Use your “due diligence” period to make your final decision.
Be ready - work with pros - decide quickly - snag a deal!
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