FAQs on Buying a Bank Owned Foreclosure
Posted by Paul Caparas on Monday, February 16th, 2009 at 2:36am.This is just a quick Blog on Frequent Asked Questions on Buying a Bank Owned Foreclosure on the MLS. If you have a question that isn't on here, please let me know.
Is the Asking Price the Starting Bid?
No, it is just the Asking Price. You can offer whatever you want.
Is the process of Buying a Bank Owned Foreclosure long?
No. Once you make an offer, the average time for the Bank/Seller to respond is 3-5 days. Then once accepted, 30 day Escrow. This isn’t like a Short Sale where you make an offer and may have to wait a couple of months for a response on your offer.
What is the main difference from Buying a Bank Owned Foreclosure versus a Conventional Seller?
The Bank/Seller is Exempt from certain disclosures. They really don’t know anything about the home so it is important to do inspections.
Will the Bank/Seller do any repairs?
Most of the time, No. The home is SOLD AS IS but sometimes if there is a something major like a health hazard which there is Mold in the home, the Bank/Seller might do the repair.
Will the Bank/Seller entertain offers where they will pay for the Buyers closing cost?
Yes!
Do I have to use the same Bank for my mortgage loan?
No. But sometimes the Bank/Seller will require you to get Pre Approved with their Bank but you don’t have to use them. You can use whoever you want.
How long has the home been vacant?
I don’t know. Really, the previous owners know. The previous owners could of left the home anytime from the beginning to the end of the Foreclosure process.
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[...]AS IS and the Bank is Exempt to certain disclosures which I explained on one of my earlier Blogs FAQ’s on Bank Owned Foreclosures. Probate Seller - Every now and then I would run into a Probate Sale. [...]
Posted on Wednesday, April 8th, 2009 at 2:09 AM.