Buying a Bank-Owned Home With Multiple Offers

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Buying a bank-owned home with multiple offers is best done with the aid of a real estate agent, and offering as much money as possible increases the odds of getting the home. Make a competitive offer on a bank-owned home with information from a Massachusetts Realtor in this free video on real estate.

Part of the Video Series: Real Estate: Buying, Renting & Selling
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Video Transcript

Buying a bank owned home with multiple offers. There are a couple of things to think about when you're buying a bank owned property, especially one that's in a competitive situation with many offers on it. The most important thing to do is to have representation, either your attorney or most likely and more commonly, a real estate agent. They are going to be in touch with the bank and be able to walk you through this process. This is a very competitive process and one thing that you have to keep in mind is that a bank property moves, the whole process moves a lot slower than it would if you were dealing with a specific person, an individual. These properties and these offers can be negotiated over many weeks rather than over just a couple of days. So first off, the first thing you have to remember is you're probably going to be involved in this situation for an extended period of time. A lot of people don't have the heart for it, they don't want to be in this type of competitive situation and that's fine. There's plenty of properties out there and you can still find one that you like. If this is the property for you and this is something you want to do, even with a competitive situation with multiple offers, the first thing to think about is really putting your best foot forward across the board. And beyond anything else, the one thing that the bank will look for and one thing that most sellers will look for is money. So, to optimize your situation, obviously offer as much money as you can. If there's multiple multiple offers on it you really want to have your best foot forward in to the whole process. Offer as much money as you can possibly put down on the place, within reason obviously. You don't want to overpay for a spot but you might end up paying more than the bank is asking and then in a competitive situation that is o.k. Also to optimize your situation you look at the closing date. Try to put the closing date as quickly as possible. The bank or any seller's going to want the money very quickly. So make it a situation where you can close on the property quickly. Also put as much cash in to the deal as possible. Leveraging as little amount of money as possible would be great. The more cash in the deal the less of the risk it is for the bank. So, keep those couple things in mind when putting your offer forward and that will be able to make your, put your best foot forward and hopefully you will get the property.


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