Bank-owned homes, foreclosed homes, have become highly sought after in today's market. On bank-owned homes, the bank owns the homes and are pricing the homes below current market value in order to get the bank-owned homes off of their books. This is terrific time for home buyers and first time buyers to purchase a home with the availability of the extended and expanded Tax Credit ! It's a great time for investors and also families that have outgrown their current homes and are looking for a home with more square footage too. You will be able to find bank-owned homes below $40,000 to luxury foreclosed homes over $1,000,000!
Now, do not get a bank-owned home, foreclosed home, confused with 'short sale' properties. In a short sale situation, the homeowner is negotiating with their bank for the bank to take less money than what is owed on the mortgage. In this situation, if you submit an offer on a 'short sale' property, it can take between three to six months in order to even receive a response back from the bank on your offer.
When submitting an offer on a bank-owned home, foreclosed home, be advised that we have noticed that bidding wars are happening, meaning multiple offers on the same foreclosed home. This is no surprise considering the price that the bank has the bank-owned home listed. Plus, because of this the bank-owned home will usually sell for more than what it's listed at. If there are multiple offers on a home, the banks will sometimes come back asking for your final and best offer on the foreclosed home. The other thing to remember, it usually takes about a week for a first response from the bank on your offer. Don't let this discourage you though because there are some great deals on bank-owned homes, foreclosed homes, on the market. Since most bank-owned homes are sold 'As Is' we highly recommend getting an inspection plus a mold inspection on a foreclosed home.
If you have any questions regarding bank-owned homes, interested in certain areas and would like information on the bank-owned homes in these areas, or would like to view bank-owned homes please
Contact Paul Caponi and Theresa Caponi -Central Florida REALTORS®,
at 321-297-6113.
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