BANK OWNED PROPERTIES Q&A
Q. What is a bank owned property or REO? More commonly referred to as a FORECLOSURE
A. It is NOT a short sale. The bank has already foreclosed on the property. The bank is the seller/owner.
Q. How do I make an offer?
A. Through a Real Estate Agent. You will need proof of funds or preapproval. If a specific bank’s preapproval is required, please contact bank immediately.
Q. Will banks pay for buyer closing costs?
A. Many will, however, in many cases there are competing offers. Keep that in mind when presenting your offer.
Q. Are there seller disclosures?
A. No. Once bank accepts the offer they will prepare bank addendums. Typically you have 24-48 hours to review addendums and accept the terms of the addendums. As with all addendums, they will supersede the state contract.
Q. What does highest and best offer mean?
A. When there multiple offers presented to the bank the bank will ask you to reconsider your offer and present your highest and best offer. The bank solely decides whose offer they would like to accept.
Q How long does it take for the bank to respond to our offer?
A. Usually between 24-72 hours however that does not include weekends.
Q. How long does it take to get my contract and addendums signed?
A. This varies dramatically from bank to bank…from 2 days to 2 weeks.
Q. How long does it take to close on a bank owned property?
A. Between 30-45 days if financing and 20–30 days if purchasing cash.
Q. Will the bank provide the HOA/Condo Docs to the buyer?
A. No, the buyer is responsible for all obtaining all docs and should be noted on the contract.
Q. Will the bank provide clear title?
A. Buyer will receive clear title and bank will pay off any current liens or assessments.
Q. Will I get keys and garage remotes?
A. You will get keys to property, however, it is strongly recommended that you rekey locks. Banks use master keys and many individuals have access to bank owned properties.
Please call me at 813 784 7744 to learn more about how to find these properties, make offers and the purchase process.
Rae, Catanese- Real Estate Agent
