Buying bank owned properties can be challenging. Persistence and patience is a must. Remember you will have to go through the bureaucracy of the corporate world to get the property you want at the price your willing to pay.
First find a qualified real estate professional that has had experience in bank properties. The banks will be willing to take offers on a home if you are a good buyer meaning prequalified by a lending institution or cash buyer with a letter from your bank.
Next find a property that meets your requirements. Submit an offer with the prequalification letter to the bank, be reasonable with the offer the banks will have an appraisal or broker price oppinion before they accept your offer. Chances are if they are asking 300k they will not take 150k. This is where the patience comes in, if your offer has been rejected you can resubmit a higher offer or wait till the bank gets real with the price which may take a few months.
My advice is don't fall in love with a property if it is going to be an investment.There are plenty of bank owned properties available. Time is on your side , banks want money not real estate.Eventually the banks will sell the properties that they own.If you have any questions E mail me at Dominic@naplesre.info Thanks,
Dominic Pallini -- Broker Associate-- RE/MAX Estates
Estero, Florida
239-949-2117
www.naplesre.info
