Bank Owned

If a house is bank owned, what process do you have to go through to buy it?

Re: Bank Owned

there should be a realtor and you would submit your offer to the realtor. they then submit all offers to the bank looking for the most promising offer.
do you have a house to sell? can you close fast? these kinds of things...

this is foreclosure scenario...

Re: Bank Owned

yeah we rent so we can go whenever. Will my realtor take me to see the house? I don't get the "as is" thing? But, basically it's just like a regular sale except "as is"?

Re: Bank Owned

Basically it is like buying any other house except the process moves much faster. A realtor can take you to see the house but because the bank owns the house the house is how "As is" meaning that if an appliance doesn't work it is the purchaser's responsbility to replace it when they move in--the bank even though they own the house make no-representations about the house because they never lived there and know nothing about it. In almost all bank owned houses the water is not on so unless you are willing to pay for it to be turned on and pay for it to be turned off it is not something you can check. Also with a bank sale I would have your attorney order a title report prior to signing ANY contract because I represented a couple buying a bank owned house and the inground pool had no c/o. They wanted to get a mortgage and because of the c/o issue a bank would have never closed and the bank didn't want to wait for it. It turned out that my clients had enough money to buy the house for cash because they had sold 2 houses and would get the c/o after and then take out a mortgage. The bank contracts are also non-negotiable to some extent you really have to fight to get them to make changes and they want you to close with in a certain time frame usually 30-60 days and if you don't you pay a penalty per day.
Good luck