Buying a Bank-Owned Home Takes Preparation, Patience
If you’re looking for a bold deal on a new home, you may find that a bank-owned home is a serious contender. Today’s real estate market includes a variety of foreclosed homes, some of which can be had at prices well below baseline levels.
Adding to the activity in that sector is the virtual disappearance of any degree of the stigma formerly attached to the bank-owned home market. By May of 2012, Realtor Magazine was already reporting how the rise in distressed inventories had brought about an increased appetite for the sector: “Nearly 65% of buyers say they’re likely to buy a foreclosure today compared to 25% who said that in October 2009.” And 92% of those surveyed were interested in a bank-owned home as their primary residence, rather than as an investment vehicle.
If you think a Florida bank-owned home could be a serious contender for your attention, you should be aware of how to best prepare for the opportunities to be had among them.
Pre-qualification not only speeds up the purchase of a Palm City, Stuart or Port St. Lucie bank-owned home, it also produces a concrete range for your home-buying budget. Some banks charge a fee for the credit-checking procedure, while others simply build that into the bottom line.
Beware Potential Property Issues
The biggest issue facing the buyer of a foreclosed home is the potential for damage to the property. If it’s been vacant for some time, issues tied to improper weatherization or pest infestation can have resulted. A bank-owned home is typically sold as-is — so ordering a thorough, professional home inspection is an absolute must.
Buying a bank-owned home in Floridacan proceed on a different timetable than does a regular home buy, so be prepared to be patient. It’s also particularly helpful to have a buyer’s agent on your team to help answer questions as they arise.
If you are in the market for a new home this fall — whether it be a bank-owned home or not — I’m here to advise my clients from beginning to end. Getting started is just a phone call away!
Are you tired of scouring the newspaper and MLS listing sites looking for homes in Florida? Tired of playing telephone tag with Realtors only to hear the home’s already sold? Sit back, relax and let Bold Real Estate Group and our team of professional Realtors do the work for you! Just visit our website and check off the properties and communities you’re looking for www.BoldRealEstateGroup.com, is FREE and there’s no obligation! or send us an email email@example.com
About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida. Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties. Bold Real Estate Group is a licensed Real Estate Broker company in Florida, proud member of The National Association of REALTORS® (NAR), which represents over 1,200,000 REALTORS® in the United States, member of the Who’s Who in International Real Estate and The International Consortium of Real Estate Association, which represents over 2,300 Real Estate Professionals throughout the World.