Dealing With Banks
i have a bank owned property I am interested in. What is the best approach to get the bank to come way down on the price based on a long list of needed repairs?
Thanks
i have a bank owned property I am interested in. What is the best approach to get the bank to come way down on the price based on a long list of needed repairs?
Thanks
Best approach is make your offer backed with list of repairs and a cashiers check attached....
The list is to show the low bid offer you will present....
Offer cash...as-is[ Edited by DaveREI on Date 10/07/2003 ]
Banks usually will compile several bids on the property. They usually also have their own disclosures that say they will not contribute or make repairs, usage of their own title company, etc. They will choose the bid that wants the least contribution from them and the one that gives them their asking price or better. They are a rough crowd.
Most banks will list the property with a realtor...you should call their Foreclosure/Loss Mitigation department and see if they own the property and if its listed through an agent.
If its listed, they will most likely want you to go through that agent to submit your offer.