Anyone ever bought a bank owned home?

***fetuss10*** · 11-04-2009, 07:11 PM

Hey has anyone ever bought a bank owned home? Any tips or suggestions for doing this? Or other tips that might be useful when buying a home. I just need a single family 2+ bedroom with a 2 car garage (of course) for myself.

BlackEsDime · 11-04-2009, 07:13 PM

i just bought one myself... i don't think there's anything really difficult to it. Its only a pain when its a short sale.

LXtasy · 11-05-2009, 08:01 PM

it wont be quick i will say that. I had an offer on one and my contract ended in one month and they wanted to extend it. I did another month and then it ended and they wanted atleast another 2 weeks and I said NO and bought the one I am in now.

sixfeathers · 11-05-2009, 08:28 PM

My first house was bank owned and It was agood deal and a great tranaction. You dont have to worry about people backing out, waiting for folks to move out, contingencies or none of that crap. i say if its good for you then grab it. Good luck, we want pics.

***Imperial*** · 11-05-2009, 08:34 PM

Quote: Originally Posted by sixfeathers

My first house was bank owned and It was agood deal and a great tranaction. You dont have to worry about people backing out, waiting for folks to move out, contingencies or none of that crap. i say if its good for you then grab it. Good luck, we want pics.

Mine went the same way; no haggling. The people that the bank had to close our transaction were slouches but that was the only real snag, everything else went smoothly.

Be sure to hit them with a lower number than what they're asking; a property owned by a bank is considered a negative in their books IIRC, so they look to get rid of 'em ASAP and a few more bucks off the top isn't going to mean shit to them if they can get it off the books (Chances are they already lost a lot on it via the forclosure).

nstoolman1 · 11-06-2009, 02:26 AM

My .02 worth. Run, run very fast from a short sale. They will take your offer, then you wait. It can go right up to the day it is suppose to close and if someone else offers more money, they can accept it and you are out the time. They then ask if you are willing to go higher. This can go on till someone runs out of money and the last one in the pot gets it. It can go a year. Get a good realtor, offer on a solid bank owned and enjoy your house. We just bought in Feb. Total time from offer to move in was 45 days.

My experience with offers: In todays market the banks still want as much money as they can get. They will put some rediculous price out there, for
example 199,000 for a 4 BD 3 bth house. Then you will get the lowball offers, the asking price offers, and the people who will offer 240,000 and up. Who do you think they will take? We looked for almost a year offering what we thought were reasonable offers. We kept getting out offered by 40-50 thousand every time. It can be very frustrating.

***Hucko*** · 11-06-2009, 02:29 AM

check to make sure there isnt a gov't lean on it

***fetuss10*** · 11-09-2009, 12:37 AM

awesome thanks guys for the good advice ill keep ya updated yeah i realized my typo in the title too dope....

***Imperial*** · 11-09-2009, 12:42 AM

Quote: Originally Posted by fetuss10

awesome thanks guys for the good advice ill keep ya updated yeah i realized my typo in the title too dope....

What typo?

***fetuss10*** · 11-09-2009, 01:00 AM

the one u fixed thank you haha

dannyboy954 · 11-09-2009, 02:02 AM

We just recently put a bid on a bank owned home. We stated in our offer that we wanted a response last Wednesday to know if they accepted our bid. Still havent heard anything yet. The realtor even has a message on her voicemail stating that she wont return messages and to email her. Its a pain in the ass.

s10blaza1 · 11-13-2009, 03:33 AM

Or just buy your house brand new, pick your floorplan, pick the colors you want and watch the equity grow. I got an $8000 govt. rebate for being a first time home buyer, and the builder paid closing costs. I got upgraded to all stainless Kenmore/GE appliances for free and got the front landscaped.

It literally only cost me $15 out of pocket to get my house and in less than 3 years its now worth $12,000 more than what I actually paid for it, and that's according to the county tax office. If I got an appraiser I'm sure it'd be worth more considering all the upgrades I've done to it (recessed lighting, epoxy garage floor, all compact flourescent lighting, etc..)

See how much you can get pre-approved for, its not as easy as it used to, but its still easy to get approved for a house you can't afford

11-04-2009, 07:13 PM	#2
BlackEsDime Honest Abe's Fab Shoppe Age: 24 Join Date: Mar 2004 Posts: 11,442 Location: Orlando, FL User is: OffLine	Re: Anyone ever bought a bak owned home? i just bought one myself... i don't think there's anything really difficult to it. Its only a pain when its a short sale.
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11-05-2009, 08:01 PM	#3
LXtasy Registered User Age: 27 Join Date: Feb 2007 Posts: 1,680 Location: Summerville , SC User is: OffLine	Re: Anyone ever bought a bak owned home? it wont be quick i will say that. I had an offer on one and my contract ended in one month and they wanted to extend it. I did another month and then it ended and they wanted atleast another 2 weeks and I said NO and bought the one I am in now.
	[Reply w/Quote]

11-05-2009, 08:28 PM	#4
sixfeathers Registered User Age: 37 Join Date: Sep 2009 Posts: 169 Location: User is: OffLine	Re: Anyone ever bought a bak owned home? My first house was bank owned and It was agood deal and a great tranaction. You dont have to worry about people backing out, waiting for folks to move out, contingencies or none of that crap. i say if its good for you then grab it. Good luck, we want pics.
	[Reply w/Quote]

11-05-2009, 08:34 PM	#5
*Imperial* Captain Obvious Age: 27 Join Date: Jun 2003 Posts: 19,069 Location: Sacramento, CA User is: OffLine	Re: Anyone ever bought a bak owned home? Quote: Originally Posted by sixfeathers My first house was bank owned and It was agood deal and a great tranaction. You dont have to worry about people backing out, waiting for folks to move out, contingencies or none of that crap. i say if its good for you then grab it. Good luck, we want pics. Mine went the same way; no haggling. The people that the bank had to close our transaction were slouches but that was the only real snag, everything else went smoothly. Be sure to hit them with a lower number than what they're asking; a property owned by a bank is considered a negative in their books IIRC, so they look to get rid of 'em ASAP and a few more bucks off the top isn't going to mean shit to them if they can get it off the books (Chances are they already lost a lot on it via the forclosure). Last edited by Imperial : 11-05-2009 at 08:35 PM.
	[Reply w/Quote]

11-06-2009, 02:26 AM	#6
nstoolman1 Registered User Join Date: Sep 2007 Posts: 112 Location: Southern California User is: OffLine	Re: Anyone ever bought a bak owned home? My .02 worth. Run, run very fast from a short sale. They will take your offer, then you wait. It can go right up to the day it is suppose to close and if someone else offers more money, they can accept it and you are out the time. They then ask if you are willing to go higher. This can go on till someone runs out of money and the last one in the pot gets it. It can go a year. Get a good realtor, offer on a solid bank owned and enjoy your house. We just bought in Feb. Total time from offer to move in was 45 days. My experience with offers: In todays market the banks still want as much money as they can get. They will put some rediculous price out there, for example 199,000 for a 4 BD 3 bth house. Then you will get the lowball offers, the asking price offers, and the people who will offer 240,000 and up. Who do you think they will take? We looked for almost a year offering what we thought were reasonable offers. We kept getting out offered by 40-50 thousand every time. It can be very frustrating.
	[Reply w/Quote]

11-09-2009, 12:42 AM	#9
*Imperial* Captain Obvious Age: 27 Join Date: Jun 2003 Posts: 19,069 Location: Sacramento, CA User is: OffLine	Re: Anyone ever bought a bak owned home? Quote: Originally Posted by fetuss10 awesome thanks guys for the good advice ill keep ya updated yeah i realized my typo in the title too dope.... What typo?
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11-09-2009, 02:02 AM	#11
dannyboy954 5-Cylinder Member Age: 28 Join Date: Sep 2002 Posts: 1,464 Location: Denver, CO User is: OffLine	Re: Anyone ever bought a bank owned home? We just recently put a bid on a bank owned home. We stated in our offer that we wanted a response last Wednesday to know if they accepted our bid. Still havent heard anything yet. The realtor even has a message on her voicemail stating that she wont return messages and to email her. Its a pain in the ass.
	[Reply w/Quote]

11-13-2009, 03:33 AM	#12
s10blaza1 Registered User Age: 25 Join Date: Nov 2007 Posts: 508 Location: User is: OffLine	Re: Anyone ever bought a bank owned home? Or just buy your house brand new, pick your floorplan, pick the colors you want and watch the equity grow. I got an $8000 govt. rebate for being a first time home buyer, and the builder paid closing costs. I got upgraded to all stainless Kenmore/GE appliances for free and got the front landscaped. It literally only cost me $15 out of pocket to get my house and in less than 3 years its now worth $12,000 more than what I actually paid for it, and that's according to the county tax office. If I got an appraiser I'm sure it'd be worth more considering all the upgrades I've done to it (recessed lighting, epoxy garage floor, all compact flourescent lighting, etc..) See how much you can get pre-approved for, its not as easy as it used to, but its still easy to get approved for a house you can't afford Last edited by s10blaza1 : 11-13-2009 at 03:35 AM.
	[Reply w/Quote]