Tip When Writing Offer on Bank Owned Homes for Sale

Sacramento Real EstateAre you one of the many 1st time home buyers looking to buy a house or condo?

Sacramento home buyers are buying homes and condos at some terrific prices as well as investors picking up some great deals in Sacramento.

When Real Estate starts heading back up there will be equity that these home buyers will definitely be making.

There are 1st time home buyers who are jumping at the chance to buy a foreclosed home for sale and many of these same first time home buyers will qualify for the $8,000 tax credit which makes for a sweet deal! Add to that, interest rates that went down last week which puts the icing on the cake.

Sacramento homes for sale that are bank owned and in good condition are typically priced under real estate market value, meaning the price is too good to be true. This is a tactic sometimes used by listing agents to help bring in several offers on a property.

It’s a bit confusing for many first time homebuyers when this tactic is used. The best advice I can give is to make sure your Realtor provides you with a market analysis of the neighborhood so that you can see what homes sell for and determine for yourself if the home for sale is one of those priced to simply get lots of offers.

When writing an offer on a bank owned, foreclosed home for sale or on a Short Sale home for sale make sure that the offer you write is your best and final offer. Don’t expect that there will be a counter.  The bank chooses the best offer submitted.

Many offers come in asking for repairs and banks paying for all sorts of fees for the home buyer.  Bank owned homes for sale are being sold as-is. Banks do not do repairs.  We are finding more and more banks unwilling to pay all of the home buyer’s closing fees.  The banks feel that home buyers are getting a terrific deal already.

The bottom line for the banks is, money. They are only interested in the highest and best offer. So if you like the house for sale or condo for sale, make sure that your offer is the very best you can do.  Otherwise, it’s back on the road again looking at more homes and condos for sale.

To see foreclosed bank owned homes for sale just click the links below:

All bank owned foreclosed homes for sale in Sacramento County

All bank owned foreclosed homes for sale in El Dorado County

All bank owned foreclosed homes for sale in Placer County

All bank owned foreclosed homes for sale in Yolo County

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Click Sacramento MLS where you can pick any community or city around Sacramento and see homes for sale or simply click on the search icon and pick the area you are interested in finding a home or condo for sale in Sacramento MLS.

If you have a real estate question that you would like an answer to, be sure to check out Ask Real Estate Question and read what other home buyers and home sellers have asked and feel free to ask your Real Estate question by email.   Perhaps, your question will be part of the next article featured on Sacramento REAL Estate

 

Other Real Estate Tips:

Home Buyers Can Get Up to $18,000 Tax Credit

Scoop on First Time Home Buyer Tax Credit

4 Simple Steps for Sacramento Home Buyers

Home Buyer Asks About Buying from New Home Builder

Sacramento Home Buyer Asks Real Estate Question

Comments

  1. says

    I’m sorry I can not add to it as I’ve no practical knowledge with real estate, but can you help me as you appear just like a wealth of knowledge. I live in the united kingdom and My spouse and i own a one bedroom apartment. We would like to purchase a larger property to reside in and rent my own apartment. Is there any way of staying away from a buy to let mortgage and get the usual mortgage loan to help me buy my home?

    • Gena Riede says

      Bella,
      Since I am a Sacramento Realtor in the US of A, I have no idea about your lending practices in the UK. I would think that if you plan on living in a new property as owner-occupied you should be able to get a better mortgage than if you were buying a property for investment purposes.

      However, your best advice will come from an experienced Realtor in the UK as they know the ends and outs of real estate in the UK.

      Sorry I can’t give you good sound advice but the UK is out of my expertise. Good luck and if you remember, do come back and let me know how it all worked out for you.

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