- Bank Owned Property on Cape Cod
Bank Owned Property on Cape Cod
Buying a Bank owned Home or making an offer on a Short Sale could save you thousands of Dollars.
But always remember-
Unfortunately when a home owner loses their home, they may neglect the property prior to losing it or even maliciously damage the house.
We advise to have a good Realtor, a good Lawyer and of course a Home Inspection.
Following are some helpful Tips when purchasing a Bank Owned, Foreclosure or Short Sale Home.
Making your mind up quickly - if its a good deal - others will think so too !
Keep your expectations in check - You may think you will get a deep discount off the asking price - but sometimes people offer more than the asking price if it is a Great Deal.
The Bank ususally will add an addendum to the contract stating House is being Purchased AS-IS.
It is difficult to make demands on the Bank - they tend to sit back and wait for another Buyer.
Keep your contingencies to a minimum - but be comfortable with your offer.
Have your financing in order - Many investors are now turning to Buying Bank owned properties with cash.
At the very least have a current pre-Approval Letter to submit with your offer.
You may have to wait a while - Banks are notorious for not replying to offers for weeks or months at a time. This means you could wait months before you know if your offer has been accepted. Meanwhile you may have missed out on a true bargain that is selling on the regular real estate market.
Always have a Lawyer review the Purchase & Sale Agreement.
Contact us to find you a Short Sale or Bank owned Home on Cape Cod.
One Ellis Landing Rd, Brewster, Ma 02631
P.O. Box 57, Chatham, MA 02633