A "bank owned home" or "Foreclosure home" is a home that the mortgage company has taken ownership of once the home has gone through the foreclosure process. And often times these can be great buys, due to the bank's need to sell the home, sooner rather than later.
Before making an offer on a bank owned home, our team of Brokers will help you determine a few very important details such as:
Offers are usually FAXED or EMAILED to the bank. There is no formal presentation and keep in mind: because the property is bank owned nothing happens evenings and weekends.
Since there is no face-to-face presentation of your offer, we'll want to provide a pre-approval letter, buyer biography and a copy of the earnest money check along with any offer to purchase to make your offer easy to accept.
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