If you are thinking of buying a bank owned property, or property listed for a short sale, call BeachWay Realty to help you navigate through the process. Keep in mind that there is quite a bit of demand and most buyers are looking for a deal. If you want to purchase a foreclosed property, you may need to move quickly. In some cases there will could be multiple bidders.
To prepare you for what you may need to move forward see the following list of a few helpful hints:
If you want to search for foreclosures, click on the links below to view current properties for sale. If you see a property that sparks your interest, give us a call or send us an email. We are ready to help you.
Click here to view - Walton County foreclosures
Click here to view - Condo foreclosures - panama city beach
Click here to view - home foreclosures- panama city/panama city beach
Click here to view - lot foreclosures- panama city/panama city beach
Buyer tips for foreclosures
1. Work with an agent who has access to foreclosure information. Many home buyers assume that all agents have access to foreclosure listings. It’s important to ask.
2. While short sales can be bargains, they also can take a lot longer than bank-owned properties. Some banks will negotiate in a timely manner on short sales but most will prioritize properties they have already repossessed.
3. Even though the property is bank owned, you can Always offer less than the asking price. Asset managers responsible for liquidating bank-owned Marco Island condos, for example, are often willing to consider a lower offer.
Your REALTOR at BeachWay Realty can give you current market data to allow you to make an offer based on the current market sales.
4. Ask the bank to pay your closing costs. The worst that can happen is that they say no. Sometimes buyers are surprised to find that banks can be quite accommodating.
5. If you prepared to pay cash, you will need "Proof of Funds". If you will need or want to obtain financing, get a pre-approval letter. In some cases, the bank that owns the property will want you to obtain a letter from them, but you are not required to get the loan through that bank.
6. When making an offer on bank owned property, you will see language that the property is offered "As Is" with no warranites given by the bank. Even though the property is sold "as is" you still have the right to have a licensed home inspector do an inspection on the property. This is always recommended, whether it is a bank owned property or a fair market sale.
If you have any questions about the process, please do not hesitate to contact the Realtors at BeachWay Realty! We are here to help you.
Source: The McCarty Group