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What should I know about buying bank owned property?

When a person finds a property that they are interested in purchasing, it is important for you to determine who owns that property. If the property is owned by a bank, it may have become bank-owned through a foreclosure, an auction, or a deed-in-lieu of a foreclosure. Some people become intimidated when purchasing property that is owned by a bank because they don’t think that they are permitted to negotiate the price of making that purchase. However, when it comes to purchasing bank owned property, the process is fairly similar to purchasing property that was not owned by the bank. Negotiations when purchasing property can take place regarding the price of the property, the closing costs and closing date, and who will be responsible for paying other costs associated with the property.

In order for you to begin the negotiation process, you will have to provide the bank with proof that you are financially stable enough to make the purchase. Do not let the bank take advantage of you and ensure that you are purchasing the property for a fair price. If the property is in poor condition but is still being sold for significantly more than comparable properties in the area, you may be able to negotiate the price to slightly lower than the bank was trying to sell for. The more trustworthy and financially stable a potential buyer may seem to the bank, the more lenient the bank may be about negotiating costs.

If you have questions about whether purchasing a bank-owned property is in your best interest, you should speak with an experienced real estate attorney who can assess the legal implications of the matter.

If you require experienced legal assistance for any of your real estate, title insurance, bankruptcy or family law matters, contact the Mark Scollar Law Office today to schedule a consultation.

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