Anyone know about buying a bank owned house?

We are going with my daughter and her young man to look at a house they are interested in. The house is bank owned.

I have no experience with this. I have a few questions i was hoping a knowledgeable Nooker might be able to answer.

Is the bank more or less inclined to negotiate on price?

Is the timeline the same to get to closing? Or will it be longer/shorter?

Is the bank that owns the property willing to finance the the property? Or do they find their own mortgage company?

Thanks.

Phil

I don't know a lot, but I do know that some foreclosed homes sit a *LONG* time, and, in those circumstances the bank should, theoretically, have incentive to negotiate, especially since they lose value the longer they are abandoned.

(03-31-2012, 10:40 PM)Sargon Wrote: I don't know a lot, but I do know that some foreclosed homes sit a *LONG* time, and, in those circumstances the bank should, theoretically, have incentive to negotiate, especially since they lose value the longer they are abandoned.

Plus even the banks have to keep paying the property taxes and many are sitting on plenty of inventory.

We bought a house from a bank in 2010, if it is listed through the normal MLS all regular real estate processes apply, no different then buying a house from any other seller. As long as the terms and condition of the sale are acceptable, make sure you do your inspection and due deligence there really should not be much concern. We bought ours "as is" so we made sure to do a thorough review before making the decision to buy, don't get emotional, it really is a business deal and best to deal with as such.

Several points

1. Is the house a foreclosure or short sale?

2. The house price is usually a bidding war and can take months to complete the transaction.

3. The buyers should already be approved for financing before you even consider a purchase.

4. I strongly recommend an inspection prior to closing.

5. Some houses are "As Is"

But these type of purchases can be really good but it takes time.

Here is something else to be aware of:

Winning bid on mortgage buys family heartache

You would get clear title if you do a search before you finalize the deal. I just hear it takes weeks or months to get an answer then you have to hope no one out bids you higher before they finally give you a yay or nay.