Why Purchase a Bank Owned Property? Bank owned Properties are generally listed below market value Banks are not interested in owning properties and they try to sell them as fast as possible since it is very costly for them to maitain the property Closing costs are negotiable and some banks are willing to cover them After making an offer, you will receive an answer from the bank within 2 to 7 Business days No back taxes since banks will pay everything at closing. House is vacant and the Buyer can schedule a showing anytime No property title issues - once you close, you get clean title policy without exceptions. Majority of banks pay title insurance for the Buyer as an additional coverage The entire list of the inventory of Bank owned properties in Central Florida is available in the Home Page

• Location of the property
• Condition of the house
• How many days the property has been on the market
• Sold comparables in the same community within the past 90 days.

Its important to examine these four factors closely which will help you determine your offer.  Feel free to contact me and I will provide you with all the information you need.

2) Can I ask the seller to pay for repairs?

Almost all bank owned properties are offered AS IS condition.  The bank gives the opportunity to the Buyer to conduct a home inspection.  If the Buyer is not satisfied with the home inspection report, he reserves the right to cancel the purchase agreeement.  The Buyer pays for the home inspection and I can refer you to certified home inspectors by the state of Florida.

3) How can I make an offer to the Bank regarding a particular property?

As your Real Estate agent, I will prepare the paperwork for you and I will submit it to the Bank.  The Bank generally answers within 2 to 5 Business days.  They also require that you are pre-qualified for a mortgage with a lender of your choice before making an offer on a property. 

4) What is the difference between a house for sale in pre-foreclosure (Short Sale) and a bank owned property.

• Bank owned properties are basically homes that you are purchasing directly from the bank.  Very simple process.
• Houses in pre-foreclosures(short sale) are homes that you are purchasing from a homeowner with the permission of the bank to Buy it at a lower price.  The process is a lot more involved and more complicated.  For example, the homeowner might agree to sell you the house at a certain price but the bank will not approve it.  The process is usually a lot longer and many Buyers in this market are simply avoiding them.