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Bank Owned

Posted by on Nov. 9, 2009 at 6:21 PM
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I want a house that is bank owned. My real estate agent is telling me it could take up to 6 months for the bank to even LOOK at my offer. How do I expidite this process?

by on Nov. 9, 2009 at 6:21 PM
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Kalebs_Momma
by on Nov. 16, 2009 at 6:08 PM

In my experience bank owned houses got back to me within a week.  It's the short sale houses that take at least a month to say anything about your offer and they also suck because the bank evaluates your offer based on comps in the area instead of the condition of the property since most banks that own these homes are not in your area.  

Your agent should be kinda pushy too and not afraid to make phone calls to the bank and selling realtor.  That always helps speed things along. 

I just got under contract with a bank owned property and expect to be closed within 30 days.  So the whole process should take a little over a month since acceptance, which took only a few days.

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tenacity
by Group Admin on Nov. 17, 2009 at 9:35 AM

Your Realtor may not want to mess with a short sale and if that's the case they won't get it done for you. (I promise)  :-(

Bank owned,  REO,  Corporate Owned...are NOT the same as a short sales.  

So, if indeed you want  a bank-owned my first question to you would be WHY?  But that's neither here nor there. 

If your Realtor said that to you and didn't elaborate on the pros-cons, differences etc... I'd fire'em...  coz it sounds like they may not know what the heck they're talking about.

Bank-owned can be answered, accepted in a matter of a couple of days.. and close in 30-35 days like any other regular home sale. (they are a hassle and a bit more complex)

And if your Realtor doesn't know what they're doing and the listing agent isn't on top of things...  THAT's when your sales dilly-dally and fall through.

So, hopefully, you misunderstood what they were saying.  But, if not...tell'em bye-bye and find a KNOWLEGDEABLE  Agent.

 

 

you rockMary Wilcox
               Realtor
Reece & Nichols
Kansas City Metro Area
816.407.5284   email me:  marywilcox@reeceandnichols.com

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