– First-time buyers will need to be pre-approved by one or more lenders.
– Don’t be surprised if the bank that owns the home requires that you finance your purchase with them.
– Expect competition. Many buyers bid on multiple properties.
– Banks won’t accept offers that are contingent on selling your home.
– The best deals generally are those homes with the longest time on the market.
– Bank-owned homes typically sell for 10 to 20 percent less than their listing price.
– Be sure to pay for an inspection and consider the cost of repairs or damaged or missing appliances when bidding on a foreclosure.
– The bank is likely to make a counter-offer. Be sure to consider this when submitting your first offer.
– Some banks will not accept an offer unless it is submitted by a REALTOR®.
– Banks generally are looking to close quickly, within two weeks to 45 days.