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2012-05-30 11:48:42
Buying Distressed Property in Lane County

10 Tips For Buying Bank Owned Homes and Getting a Great Deal


1. Find a good Realtor that can assist you in writing and submitting your offer.

2. Get a Proof of funds letter or a pre-qualification letter from your lender.

3. Determine the value of the property. Your Realtor can create a CMA to help advise you on an offer price.

4. Look for properties that have been on the market for a significant time.

5. Offer 15%-30% below the banks asking price, if the property is in poor condition than your offer should be in the 30% range.  If the property is in fairly good condition you should offer roughly 15% below list price.

6. Offer $1,000 earnest money and a 30 day close with a 10 day inspection period. This will give you a “free look” for 10 days to get your contractor in and determine the cost of possible renovation.

7. Submit the offer asking for a response within 48 hours.

8. The banks will counter, expect it, don’t get discouraged.  Just raise your price slightly...

9. Make your 2nd offer/final offer 'Highest and Best.”  If they don’t accept the offer, be prepared to walk away.

10. Once the offer is accepted open escrow and start your 10 day inspection period.  Have a contractor note everything wrong with the property.  Have them write a formal bid to present to the bank on 7th day of the of the inspection period asking for a small price reduction.  Some banks will not respond and some will agree to the price decrease, this is just the last ditch effort to get the best possible price. If they don’t agree and the numbers work, then proceed to closing.

Submitted by: Kit Sixel, Real Estate Broker 541-954-1915

Blog Archive
2012-09-14 14:07:57
Housing Crisis to End in 2012 as Banks Loosen Cred

2012-09-11 16:34:20
5 ways to help your agent find your dream home

2012-05-30 11:48:42
Buying Distressed Property in Lane County

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