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| TwinCitiesHomeOnline.Com |
| 763-639-5379 Email: info@twincitieshomeonline.com |
| Mark Anderson Realtor® Full-Time Buyer Specialist |
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| COMMON MYTH-UNDERSTANDINGS ABOUT BANK-OWNED HOMES |
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| Banks are difficult to deal with. FALSE - Banks are no more difficult to deal with than any other seller. Some lenders may actually make repairs or assist you with your closing costs. We have an excellent relationship with the Asset Managers who handle these properties and have developed a reputation for getting these homes sold! |
| Banks won’t take FHA loans. FALSE – While it is true that some of these properties are in rough shape and may not meet FHA appraisal guidelines there are many homes that are good for FHA financing. |
| Banks won’t participate with Down-Payment Assistance programs. FALSE – We have negotiated deals for both down-payment assistance programs AND closing costs. |
| Banks are very motivated and will take low-ball offers. FALSE – While banks ARE highly motivated sellers, they are not willing to GIVE away properties. Banks order “Broker Price Opinions” on these properties. A Broker Price Opinion is a comprehensive market analysis conducted by a Real Estate Professional that considers many factors affecting the salability of the property in “AS IS” condition. The prices set by the Banks are already below market value! Lowball offers are frequently rejected outright. Just like any other homeowner, the lenders will want a fair price and reasonable terms. And, just like any other seller, Banks will take a good offer quickly. |
| Banks take forever to give an answer on offers. FALSE – Again, we have good relationships with the Asset Managers who handle these properties. We usually have a good turnaround time on offers and can close in a reasonable amount of time. Thinking About a Bank-Owned Property? Have more questions? Call 763-639-5379 and talk with a REO/Bank Owned Property Specialist |
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