When you're looking for a good deal on a house, you want the best deal you can get. That's common sense, but you may not realize that you can get a far better deal by purchasing a bank owned house.
For the record, bank owned is not the same as a foreclosure. The foreclosure process is one in which the bank does not yet own the property, but bank owned means that they have title back to the property and own it free and clear and are not ready to sell. Usually you're going to get a very good price when you opt to buy a bank owned property, but, as with anything else, there is always the chance to get a better deal if you take a look and plan ahead.
If you take a closer look at bank owned properties you can typically get a very good deal on them. It means that you've got to expend a little effort, but you can get a better deal in many cases if you take a few simple steps to attempt it.
Lowering Your Price on a Bank Owned Home.
What's your best bet to get a lower price on a bank owned property? The reality is that you don't know unless you ask,. In other words, make an offer and see what they say. In many cases, simply because they don't want to own the house that you're interested in, the bank will be more than willing to entertain a price that is less than the amount owed. You don't know until you try it and you've got very little to lose except a larger mortgage. One of the best ways to see if you can get a lower price for the house that you want is simply to make a lower offer than the listed price of the house. In many cases, you'll get a reasonable response.
Negotiate with the bank and see if you can get them to drop the price just a little bit less. They may not accept your offer, but you don't lose a thing by trying to get a better deal for yourself. Who knows you may get the positive response that you're looking for.
Handyman Homes.
Very often the prospective buyer will be sort of let down by a property that isn't in tip top shape. Realistically you're going to get the best deal on a home that isn't as flashy and modern as the rest. Look at it this way... what you save on the cost of the property will be enough that you can quite likely add the amenities that you want and have a home that is done precisely to your specifications instead of accepting someone else's home plan.
For the record, bank owned is not the same as a foreclosure. The foreclosure process is one in which the bank does not yet own the property, but bank owned means that they have title back to the property and own it free and clear and are not ready to sell. Usually you're going to get a very good price when you opt to buy a bank owned property, but, as with anything else, there is always the chance to get a better deal if you take a look and plan ahead.
If you take a closer look at bank owned properties you can typically get a very good deal on them. It means that you've got to expend a little effort, but you can get a better deal in many cases if you take a few simple steps to attempt it.
Lowering Your Price on a Bank Owned Home.
What's your best bet to get a lower price on a bank owned property? The reality is that you don't know unless you ask,. In other words, make an offer and see what they say. In many cases, simply because they don't want to own the house that you're interested in, the bank will be more than willing to entertain a price that is less than the amount owed. You don't know until you try it and you've got very little to lose except a larger mortgage. One of the best ways to see if you can get a lower price for the house that you want is simply to make a lower offer than the listed price of the house. In many cases, you'll get a reasonable response.
Negotiate with the bank and see if you can get them to drop the price just a little bit less. They may not accept your offer, but you don't lose a thing by trying to get a better deal for yourself. Who knows you may get the positive response that you're looking for.
Handyman Homes.
Very often the prospective buyer will be sort of let down by a property that isn't in tip top shape. Realistically you're going to get the best deal on a home that isn't as flashy and modern as the rest. Look at it this way... what you save on the cost of the property will be enough that you can quite likely add the amenities that you want and have a home that is done precisely to your specifications instead of accepting someone else's home plan.
About the Author:
Author Lance Mohr is a real estate agent in Tampa, FL and an expert in residential real estate. If you would like up to date information on Tampa, Tampa REO or Tampa foreclosures go to Tampa2Enjoy.com.
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