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馃帴 Bank Owned Homes - What You Need to Know Before Buying a Bank Owned Property - YouTube
Channel: Tampa Real Estate Expert
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Hi everyone. This is your Tampa Realtor
Lance Mohr and in this video I want to
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talk about bank owned homes. What you
need to know and understand when you buy
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a bank-owned home and some tips to give
you so you don't get hurt or taken to
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the bank when buying a bank-owned home
so that's what I'm going to go over in
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the short video if you're like a lot of
people you're looking at bank owned
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homes for sale because you think they're
gonna be cheap you think they're gonna
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be a good thing to buy and you know that
may have been true in the past it's not
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as true now
so let me just go over how the process
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works in with banks because a lot of
times people think they work very
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similar as a short sale and that's not
the case short sales or trainwreck
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they're they're horrible bank owned
property it's not as bad because when a
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bank takes the home back and it's
actually been foreclosed on so it's not
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a foreclosure it's been foreclosed it's
a bank owned now some people call those
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re owes which stand for real estate out
and it's not such a bad thing so they're
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gonna they're gonna go out there and
they're when I say them they're gonna
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have a real estate agent go out there
and take a look at the property they're
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gonna get an estimate from the reorder
of everything that needs to be done
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they'll probably send an appraiser out
there and get an appraisal on the
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property the realtor will probably do a
BPO which is a broker price opinion then
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they could even bring people out there
like a roofer or other people
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electrician if there's something wrong
with the home to take a look at it so
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they really know what they're dealing
with now the one thing about bank owns
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they're not about disclosure they
basically even though the law the
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Florida law not an attorney you wanna
get legal advice but the world枚 law
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states that if there's something that
would affect the value of the property
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this owner which would be at the bank or
whomever has to disclose that either in
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writing or verbally and if the owner
doesn't want to do it the realtor does
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but unfortunately the real orders bread
is buttered by the bank and a lot of
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Realtors don't care about disclosure in
this case I know it's sad but true
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so you want to definitely get your ducks
in a row if you're thinking about buying
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a bank owned property but let me just
sort of walk through the process you
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like a bank owned home you make an offer
on it
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it's usually going to take the bank
about two to five days to come back and
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either agree to your offer or give you a
counteroffer one thing you have to
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understand when you buy a bank owned
home these are not individuals who own
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the home this is a corporation yes they
want to get the home off their books and
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a lot of times the the asset manager or
the person who's the who's handling the
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bank drop the property for the bank is
paid bonuses to sell it within 30 days
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but yeah one thing you have to keep in
mind in we right now are in a seller's
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market so this is important a lot of
these bank owned properties are
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overpriced I know it sounds weird
because when you think of a bank owned
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home you think good deal but that's not
always the case so have your real estate
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agent or have whomever if you have a
real estate agent do a market analysis
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make sure it's worth it you'll probably
know by looking at other homes so let's
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say it is you make an offer on it it's
going to take them a couple days to get
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back to you and then what they're going
to do is once they agree and you have
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everything squared away as far as
verbally they're going to ask you to
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deposit the earnest money or some states
call it hand money into the with the
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title company or the attorney now in
Florida
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thank goodness a lot of them aren't
using two attorneys anymore because it's
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just so much easier with title companies
and they don't take advantage of you
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with all these crazy fees so that's the
good thing so they'll go ahead and
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consider it sold it won't be changed in
the mls until they actually have an
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executed contract but they're not going
to take another offer and kick you to
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the curb once they say it's done the
agents supposed to and they pretty much
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always do this we'll just tell potential
buyers I'm sorry
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but it already has an offer on it you
could submit a backup if you will and
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then
usually what will happened about a week
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after that some cases it could be two
weeks you'll get everything in writing
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but you're going to be expected to put
down your earnest money and do all your
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inspections and the bank usually
tightens up those inspections so where
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are state contract in Florida states 15
days for inspections they could tighten
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it up to ten or seven most of the banks
are ten some of them are actually seven
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days for an inspection the one
difference between the aciss contracts
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with a bank opposed to an individual
seller is with an individual seller it's
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it it's announces contract but now they
have wiggle room if there's something
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wrong with a home they'll generally fix
it banks not the case they don't want to
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fix anything now there are some cases
where they will get it fixed if it's
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gonna if it's going to be a problem with
the lender on closing so you know if
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there's say an issue with the roof maybe
there's a roof issue there's a little
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league yeah they may go out and fix that
because they know they'll not be they
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won't be able to sell it to a buyer and
get the most amount of money but then
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some banks don't care though they'll
know there's a roof leak they won't they
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disclose it there's a roof leak their
agent won't disclose if there's a roof
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leak you can't tell there's a roof leak
then your inspector goes out there finds
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a roof leak you just spent money for an
inspection you order the appraisal and
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boom you know you can't get the home
because there's an active roof leak in
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the building that paint won't fix it so
there is a certain amount of liability
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with banks but overall again they're
nothing like short sales I don't think
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they're as good as dealing what they're
with the regular individual who's
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selling their homes because I've always
said with banks you take out all common
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sense all logic and you're left with a
bank and unfortunately that's the way it
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is but there are some that are good
deals because at the end of the day they
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don't really do any advertising some of
them will fix the home up and some of
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them will just leave it the way it is
and they're like hey you know what we
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just want to sell it we don't want
anything to do with it
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is the price and you know you're gonna
get the home but don't be fooled these
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days in the seller's market by thinking
banks are all given away great deals
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because that isn't necessarily the case
at least not in our market I see banks
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that are continually doing price drops
out there so do your due diligence get a
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real estate agent that knows and
understands and most importantly that
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his sold bank owned properties if not
dozens of bank owned homes so though
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understand the whole process a little
bit better now I'll let you know one
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important tip and this is a money tip
here so pay attention to this with
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almost all banks out there they will pay
the owners title policy which is sort of
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normal on a pre-owned town but they are
not going to pay the docs stamps so you
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need to budget that in there if for
those of you that are outside of Florida
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you probably call them intangible taxes
so in the state of Florida you better
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budget seven dollars per thousand for
the stamps so just understand that if
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you have a realtor that doesn't
understand bank owned properties they're
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not going to know to ask these questions
I always when working with a bank always
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ask these questions upfront to confirm
they're going to pay the owners title
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policy which in Florida is five dollars
per thousand plus seventy five dollars
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and that their and if they're paying the
doc stamps because they pretty much will
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always pay the title insurance but not
the doc stamps so I hope this helps if
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you like this video please give me a
thumbs up have any questions reach out
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to me or leave them in the comments
below I wish you the best of luck have a
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wonderful day
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you
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