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Q: What is a “bank-owned property”?
A: When a borrower with a mortgage from a bank or mortgage lender can’t
meet the payments, the lender forecloses on the property and takes
ownership of the property. Then the lender lists it with a listing
(real estate) agent and sells it at market value as quickly as
possible.
Q: Who can buy a Bank-owned property?
A: Anyone! If you have the cash or can qualify for a mortgage, you can buy a Bank-owned property.
Q: Can I buy a Bank-owned property as an investment?
A: Yes, Bank-owned properties I work with are available to all buyers, including investors.
Q: What is the condition of Bank-owned properties I can buy through your services?
A: All Bank-owned properties offered are sold “as-is”. The Lender, the
listing agent, buying agent or my company do not make any warranty or
representation, expressed or implied, regarding properties for sale on
the web site. The buyer is expected to perform an inspection with a
licensed contractor at the buyer’s expense.
Q: How do I buy a Bank-owned property?
A: As your agent, we can take care of all the paperwork.
Q: What do I need to do before submitting an offer??
A: Before submitting an offer, the real estate agent should have a
completed and signed real estate purchase and sales contract and the
earnest money deposit from the buyer. We also recommend that the buyer
and agent should perform a thorough investigation of the subject
property, and investigate financing for the buyer’s potential purchase including a pre approval.
Q: Can you describe the offer process?
A: As your agent,I will submit an offer.The bank will
submit a reply (counter-offers and/or accept/reject notifications) back
to the listing agent who will communicate the response to the
prospective buyer. Please note that banks frequently receive multiple
offers on the same property, which may require additional time to
prepare and send a response.There is no guarantee of a timely delivery of this notification; ultimately, it is the buyer’s and
the agent’s responsibility to check the status of their offer with the
listing agent.
Q: After I submit an offer, how is it evaluated??
A: The lender primarily evaluates offers based on the net funds
received by the lender after deducting the selling agent’s commission.
In general, the lender will accept the offer with the highest net
amount. Notwithstanding, the lender reserves the right to accept,
reject, or counter any submitted offers, even the highest offer.
Q: If my offer is accepted, then what happens?
A: The party submitting the accepted offer is required to send a
completed and signed real estate purchase and sales contract and the
earnest money deposit to the listing agent within the time frame that
stated in the lender’s Terms and Conditions appearing on each property. The party submitting the accepted
offer will receive information on how to complete the transaction and
instructions to help the buyer through the paperwork process.
Q: Can I reduce or cancel my offer once it has been submitted?
A: No, the buyer and the agent cannot reduce or cancel the offer once
it has been submitted. Of course, normal contingencies for inspections and loans still apply. The buyer and the agent need to review the
offer carefully before submitting it.
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