Buying a Home 

Whether you are a future home owner or investor, it is really very simple to buy bank owned properties-- as long as you are in good credit standing and have enough cash funds available that are required for the purchase and type of loan you are obtaining.  Most REO properties will have specific guidelines and rules for making offers and many are the same.  It is very important to keep in mind that the lender Reps have literally hundreds of properties on the market all over the country, so it is logical that they have these specific rules and guidelines that all buyers must follow in every state...just to keep consistency and marketing flow. 

 

The foreclosure process itself is very expensive.  These lenders lose tremendous money and often have daily "holding charges" tagged on until the property resales and closes.  In light of the fees that continue to incur, any buyer who is prequalified will go to closing without delay.  While, it varies from lender to lender, most have the following requirements for the submission of offers including: 

 

1) As Is Residential Sales Agreement
2) Proof of cash funds to make the offer or

3) Pre qual letter for appropriate funding

4) Special Addendums (provided by REO Seller)

5) Copy of the collected EMD

 

 

As mentioned, these are general rules and there will be some variances.  They only will deal with qualified buyers so the burden of proof is on you....the buyer.  Your Real Estate Agent will assist you and a good Agent will make contact with the REO Listing agent to obtain any forms needed along with any assistance needed. 

 

Basically...you will need to "play by the rules"....and what's in it for you????  A great deal!!!  Bank owned properties are some of the best buys Nationwide and the rates could not be better!!

 

Feel free to email for any questions you may have at:  jane@allfloridahomes.com