Wednesday, September 17, 2008 3:26 AM
Bank owned Properties - what you need to know!
If you're looking to buy a bank owned property here is what you need to do.
Be prepared to make offers immediately. That preparation needs to include a trip to the bank if you need financing.
A pre - approval letter in tow with the purchase agreement is in your favor. Try to avoid PMI payments in your mortgage also a benefit.
Your pre approval letter should state that they have check your credit. Make a good earnest money deposit. Let them know you're serious.
If possible let them know your familiar with the property... get as much information asap on the property and try to eliminate any contingencies as possible.
Your inspection period should be no more than 10 days and be able to close in 30. If the property is a good deal...rare opportunity give it your best offer!
Good luck with your future Bank Owned Property deals! Need Help! Leelanau and Benzie Real Estate.com is here when you're ready! 231-357-3000