Buying a New City Home from the Bank?
Marcellariggs.com
Buying Bank-Owned Homes
Takes Care, Persistence
The
difference between a ‘Foreclosure’ and a ‘Bank-Owned Home’ may be technical,
but important to understand. Foreclosures are properties that are
auctioned off in a court process. A bank-owned home, on the other hand, is one
that has reverted to the mortgage issuer: a bank.
A
foreclosure can change hands with the bang of the auctioneer’s gavel: it’s a
cash-in-hand situation, carrying all of the excitement (and risk) of any
auction.
With a bank-owned home, the
‘owned’ is attached by hyphen to a banking institution – a spot not exactly
known for excitement. True, banks are eager to sell, since a bank-owned home
represents an unprofitable financial and management burden. But banks are by
definition cautious, thorough, and usually (unlike auctioneers) prone to moving
like molasses in December. So, persistence and care will be needed to take
advantage of the potential bargain a New City
bank-owned home represents.
Since you will need to prove
you are qualified to buy a bank-owned home, being pre-approved for a loan will
come in handy. It will also be important
to have a good home inspector at the ready, since most bank-owned properties
are sold as-is. You will want detailed information about the condition of the
house and likely cost of repairs that need to be made.
And while there are many
sources for identifying a suitable bank-owned home online, when it comes to the
next step -- putting together a successful offer -- enlisting an experienced New
City real estate agent is standard practice. Sometimes a bank-owned home can be priced
under market, sometimes over -- but if you want to write the winning offer, you
need to examine and understand the latest numbers. By looking up the market comps and procuring
costs faced by banks, your agent will help you present an offer that is both
attractive to the bank and to you.
This Spring, whether you are looking for an entry-level condo, a bargain
fixer-upper, or a luxury REO, as soon as you are ready to start the search,
call me -- I will get you a list of New City bank-owned homes now accepting offers. Call me...845 544 4026...marcellariggs.com...riggsmarcella@gmail.com
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