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Lori Lincoln — Sat, 24 Nov 2007 01:46:00 GMT

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Lori Lincoln — Sat, 24 Nov 2007 01:41:00 GMT

What you must know about buying bank owned property- FREE Report

Lori Lincoln — Thu, 20 Sep 2007 11:50:00 GMT

To buyers the thought of buying a bank-owned property can be tantalizing, like winning the lottery. There is so much about these transactions that you need to and must know. There are some awesome deals to be had out there, but know what you are doing and seek professional guidance.

Though not in all cases the first thing the bank will do is hold a public auction. They will either sell the property to or buy it themselves.

Sometimes there are second and third liens on the bank owned properties. You will need to know which bank is selling the property. You should consult an attorney to perform an title search and be sure that the property is free and clear of any other liens, otherwise the process of buying could be held up for several months.

If the bank doesn't sell at auction, they will sometimes obtain an appraisal and then will either hire a firm that places the listing with a Realtor or deal direct with a Realtor.

I've noticed that many times the bank will list the property for what the last owner owed, so it could be overpriced. Be sure you have a good buyer agent that can show you comparables.

Many times the condition of these properties require much repair. Heating systems froze, water damage, holes in walls, could add up to several thousand dollars. You need to calculate carefully whether or not the property is worth the money you need to make it liveable, and to make sure the repairs are in your budget.
Your lender also may not grant the loan based on property condition.

When you finally find that great deal on a bank owned property, and decide to submit an offer, you need to know what you're up against. Most banks require a detailed pre-approval as well as $1000 with all offers. They can also insist that you obtain a pre-approval from their loan department. The bank also insists that you sign a multi-page addendum which is a very lengthy "As Is" document.

Some banks take up to 30 days to respond to offers. Some banks don't respond at all.

Buying bank owned can be a complex undertaking, but also could be very rewarding for you financially. You should always have a buyers agent if buying bank-owned is your goal. The listing agent represents the bank. You should have someone represent you.

I know that I didn't cover everything. If you have questions, just call me or email me at lorilincoln@kw.com

feel free to contact me

Thank you for viewing my blog

Lori Lincoln

P.S You can also visit my website for some valuable Buyer and Seller Reports. I also have lists of bank-owned properties in your area

http://www.LoriLincolnTeam.com

Serving the needs of Home Buyers and Sellers in The Greater Taunton Area, Fall River, Swansea, Somerset, Dighton, Rehoboth, Seekonk, Raynham, Berkely, Assonet, Middleboro, Lakeville, Freetown MA

Taunton Real Estate New Listing

Lori Lincoln — Thu, 20 Sep 2007 11:37:00 GMT

Home For Sale $259,900

Taunton MA Front of House

Shed

Living Room

This home is situated on a Side Street in Taunton MA ( Winthrop Ave) Not to be confused with Winthrop Street. Great for 1st time buyer. 3 Bedroom, partially finished basement in better than average condition.Built in the late 1990's. Floors are laminated and tile. Appliances stay. Subject to Short Sale (call me if you don't know what this means).

I also have access to thousands of Foreclosure listings, Bank Owned Properties in Taunton Massachusetts, Rehoboth MA, Swansea Ma,and Bristol County MA. Email me and I will give you a FREE Report on How to Buy Bank owned properties. lorilincoln@kw.com

Our Team Blog : Assonet MA

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What you must know about buying bank owned property- FREE Report

Taunton Real Estate New Listing

Home For Sale $259,900