Sunday, September 6, 2009

How do banks sell REO property in Snohomsih County? Part III in Series

By Don Sieb

HomeSeeker Center

Snohomish County, WA. Every bank is a little different when it comes to selling REO property but one thing remains the same. They all want the highest price possible and do not want to sell the property cheap.

The other item that is similar among all banks is that they usually have a separate department set up to only handle REO property. Typically, when you make an offer to a bank on an REO property, you can expect to receive a counter offer. Sometimes it will be much higher than expected, but banks do this to show investors that they are attempting to get top dollar for the property.

If you really want to buy this home, expect that you will have to make a counter offer to the banks counter offer. If the offer becomes accepted, you may experience a delay getting a final approval or because the offer may need to be approved by someone else at the bank. Typically, it can take an extra 4-5 days for your offer to get final approval.

Writing up an offer Before the offer is made, make sure you contact the agent listing the property so you can ask some of the following questions. It is important that you ask the following:

• Are you selling the property "As Is"? Is the bank willing to do any repairs?

• Have any inspections taken place for the property? If so, can you provide a copy of these inspections?

• Has the bank agreed to do any repairs to the home?

• How will the offer be delivered to the bank?

• How long should I expect the bank to respond to my offer? The offer is typically sent to the bank. The listing agent will take the originals. At this point you must have a little patience. It can take a few days for you to get a response from the bank. Many Realtors work weekends, but banks do not typically have anyone around after 5pm or on the weekends so you will not get a very quick response.

HomeSeeker Center specializes in distressed Property Sales. We strongly recommend Buyers seek our Real Estate Specialist to assist Buyers in purchasing bank owned properties.

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