A lot of home buyers might be interested in purchasing a Short Sale, Foreclosure or Bank Owned Property in pursuit of a good deal. More and more opportunities have become available but there are a few things to be aware of...things that I have noticed.
1. It is a good idea to come in with your highest price. There is a good chance that the bank will not counter your offer but move on to a better one.
2. Don't be suprised if the listing agent takes a very long time to get back to you about your offer. Either there is lots of work on the table or they are 'shopping' your offer with the hope of a higher one coming in soon.
3. Cash is king. The bank would much rather accept an offer that does not have a mortgage contingency. You can still get a loan to buy the property but don't make the contract contingent upon it.
4. These places are usually sold 'as is', with no disclosures, and the buyer may have to pay unpaid assessments and taxes.
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Buyers must do thorough research on some info about short sale for lenders may not disclose all necessary details. There maybe some delay on the approval process due to the condition of the documents.
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