Bank-owned homes: a few tips

| Friday, May 27th, 2011 | 1 Comment »

Tips on Bank Owned HomesBank owned homes can be full of surprises…and not the fun kind. A good agent can help you avoid these unpleasant surprises by knowing what to look for.

Because these are not standard transactions and the buyer isn’t dealing with a warm blooded person on the other end, there can be limited negotiating. Price, repairs or a buyer’s hardship pleas will most likely not matter. I always prepare my buyers for this and tell them we have to put our best foot forward and be prepared to walk away if it doesn’t meet our needs.

Secondly, the bank usually has very limited knowledge of the property’s condition so a thorough inspection is critical to make sure there aren’t any defects or red flags. Once you move in, don’t plan on calling anyone at the bank to ask where the mail key is or how to get the sprinkler system to work. They may even laugh if you do! It’s also wise to consider a home warranty or if I was your agent, I would buy you one. It’s a smart investment on a bank-owned property.

Title reports are a must and should be checked right away. If the title isn’t clear, it’s better to know in the beginning then to find out right before closing. My peeps at Northwest Title can help us with this!

Lastly, get new keys ASAP! I don’t mean to repeat myself but if I was your agent, I’d buy them for you. You never know how many other keys are floating around out there and you probably don’t want to find out the hard way.

So to recap: bank-owned homes can be full of the kind of surprises that aren’t fun. If you want to avoid these, make sure you have a good agent who will look out for you. In case you missed my subtle hints, I would love to be your agent and will promise to take good care of you!

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One Comment

  1. Ginger says:

    Thanks Cara! I know that whatever I end up buying I’ll be in good hands with Cara In The House!

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