Purchasing a Palm Coast Bank Owned Home
Tips and Steps to Buying Bank Owned properites in Palm Coast
You have been working with your Palm Coast Realtor or Palm Coast Broker and they have found you that perfect property at a perfect price. You have been told it's a property that has been foreclosed on and is current a Bank Owned or REO listing. What should you be prepared for as a Palm Coast Home buyer? The ParkSide Realty Group has years of experience in helping Palm Coast Homes buyers successfully purchase Palm Coast distressed properties including Palm Coast bank owned listings and Palm Coast Short Sales. These are some specific steps to help you the Palm Coast home buyer be prepared.
Helpful Tips in Purchasing a Palm Coast Bank Owned Property
- Can I offer less than list price? While it would seem that because it is "Bank Owned" the seller (the bank) should be willing to sell the property even lower than the already low list price. In some cases they may consider a lower offer but remember that the bank often has been counseled by a Palm Coast Realtor and armed with Palm Coast Sold Property Statistics and the price may actually already be the approved number. Also, once an offer is accepted the bank will order what is called a BPO - Broker Price Opinion. This report will work much like an appraisal. The report takes into account recent sales in the area. Basically they will be armed with the same data as you are. The ParkSide Realty Group has sold market data for every single property in Flagler County and as a service to our customers will provide this information so you can make an informed Palm Coast buying decision.
- How long with the buying process take? The Bank who is effectively the owner at this point most often would like to close sooner rather than later. I have seen some bank owned properties take a long time to close but for the most part the bank is ready to go to the closing taable as soon as possible.
- Can I get new financing on a Palm Coast Bank Owned Property? The simple answer is yes. Having said that you will want to have your approval letter ready ahead of time. In this market some bank owned properties are selling quickly with multiple offers so you want to be ready with your "offer submittal package". This is where The ParkSide Realty Group can assist you so you don't miss out on the next Palm Coast Bank Owned Listing.
What Items will I need to be the winning buyer on the next bank owned property?
- Be Prepared. If you are a cash buyer you will need to produce a statement showing enough funds to close the property with cash. This can come from a checking account, savings account or asset account.If you are financing as mentioned above you will want to have your approval letter ready to go.
- You should determine the top dollar that you are willing to pay for the property before making your offer, this way you are prepared should there be a counter offer. There may be a period negotiation and in some cases multiple offers. I have had buyers say to me "I'm not going to get into a bidding war". Remember you have already determined the top dollar you are willing to pay and we do not know the motivation or offers of the other parties, so the top dollar number that you determine for your offer could very well be the winning number whether there are 2 offers or 20.
- Be prepared to write a check for escrow. In many cases the bank has not chosen a title company and in some cases you will be asked to wire your deposit. Make sure your agent asks for a receipt proving the money was deposited into the escrow account.
Please see the link to bank owned listings in Palm Coast. Also provided is a link to current short sale listings in Palm Coast. The short sale process is much different than purchasing a bank owned listing, but again with the right Palm Coast Agent you be in good hands.