1)  Locate the property:  The entire list of Bank owned properties is listed in the home page and it is updated regulary.  Feel free to contact me and I will narrow down the search for you according to the criteria you are looking for in a home.  I can send you new Bank owned listings when they are listed in the market.

 

2)  Make an offer to the Bank:  As your Real Estate agent, I can prepare the paperwork for you and submit the offer to the Bank on your behalf.  I can also send you the list of recent sold comparables in the neighborhood within the past 90 days in order to give you an idea of the market value and how much you can offer. 

 

3)  Documents required:  If you are using Cash, the bank is going to request the proof of funds such as Bank statements.

If you are using a mortgage to purchase the property, the Bank is going to request a pre-approval letter from your mortgage company.  I can refer you to a solid lender who can help you get an approval letter within 48 hours.

 

4)  Offer accepted:  After an offer has been accepted, an escrow deposit is required which is usually 1% of the purchase price.  The deposit is usually held with the title company who will be handling the transaction.

 

5)  Home inspection:  The next step is to conduct a home inspection by a certified home inspector in the State of Florida.

I have 3 inspectors that I can refer you to.  The purchase of Bank owned properties is AS IS with the right to inspect.  It basically means that if the home inspection report indicates problems with the house, you have the right to cancel the purchase agreement.

 

6)  Title company:  Title company which is selected by the seller handles the entire transaction and they work on behalf of the Buyer and Seller.  Their goal is to ensure a smooth closing between all parties.  Since seller selects title company, they also pay title insurance for the Buyer except a few Banks in the United States.

 

7) Mortgage company:  If you are using a mortgage to purchase the property, your Bank will work with the title company to coordinate a smooth closing as well.  They will also order an appraisal in order to determine the value of the property.

 

8) Closing Day:  Closing day is usually at my CENTURY 21 office.  The title company will send a courtesy closer to my office in order to have all the documents signed by the Buyer.  I review all documents and closing statement with the Buyer prior to closing.  If you are located out of State, the title company usually can send a courtesy closer to you or process the paperwork by mail or by email.  The title company can also send the closing documents to Buyers located overseas and process everything by mail.  Two personal photo identifications are usually required during the closing day.

 

 

Additionals tips:

 

* How much can I offer to the Bank?  The best way to determine an offer is to examine closely the sold comparables in the neighborhood within the past 90 days.  It also does not hurt to review the properties that are pending (Under contract) in the subdivision.  Also, the longer the property sits in the market, the better chance you have to negotiate a good price.

 

* Banks usually respond to offers from 2 to 7 Business days

 

* Some Bank owned properties are located in very desirable areas and they usually receive multiple offers.  The Bank will ask all parties to submit the "Highest and best offer" and the Bank usually end up going with the offer presenting the highest Bid.

If two offers have the same purchase price, the Bank will go with the Cash offer since it is an easier transaction. 

 

* Banks do not make repairs and Bank owned properties are sold AS IS with the right to inspect the home.

 

* Keep an eye of the market:  They are a lot of deals that come up for sale and sell pretty quick since they are in good condition and priced aggressively.  I can keep you on posted on a regular basis with new listings.

 

* If you are investor and want to purchase a property in order to generate rental income, I can refer you a property management company who find tenants, qualify them, collect checks and manages the property for you.

 

* Closing costs:  If you are a Cash Buyer, your closing costs are going to be very minimal since it is a Cash transaction.

If you are using a mortgage to purchase the property, your Bank can give you an estimate of the closing costs.  The document is called a good faith estimate.

 

*If you are using a mortgage company, I can also ask the Seller to pay a certain Dollar amount towards your closing closing costs.  For Example, Seller agrees to contribute 4000 Dollars towards Buyers closing costs.

 

* Buying a Bank owned property is pretty simple process.  The only thing I have encountered in the past is sometimes delays happen since title company needs extra time in order to provide clear title to the Buyer.  This works in the benefit of the Buyer to make sure all liens are paid by the seller before closing.

 

* Insurance:  Prior to Buying the home, I can help you set up home insurance.  I have 3 insurance companies that I usually work with.

 

*  Taxes:  You can estimate the property taxes for a particular using this tool from the Orange County Tax records website:

Input property address and purchase price.

 

 

* Schools:  You can research schools using the following link by entering property address:

 

 

 

 

 

owned properties. (Inquiries are replied to within a short period of time)

 

 

CENTURY 21 Professional Group, Inc 

Amine Berrada

Cell:  321-948-2242

amine20@yahoo.com