My buyers and I could write a novel at this point. Since no one will read a novel in a blog post here's the basic outline:
Do (not) call the listing agent before you show the house. You (don't) need to know if it's actually still active and on the market. The listing agent may have a lot of properties but they do (not) always update MLS. They do (not) always answer the phone but just in case you get their voice mail they do (not) return your call in a timely manner.
Do (not) make an offer below the list price. The banks are (not) really desperate to sell. They are (not) looking for full price offers. They are (not) looking for a good amount down. They are (not) looking for a quick closing.
Do (not) ask the listing agent when they do (not) call you back if there are multiple offers. You do (not) need to know as it is (not) necessary to base your offer on this information.
Do (not) make your highest and best offer. If there are other offers they are (not) most likely at list price or higher. If you are serious about the house do (not) come out with guns blazing.
Do (not) wait if a bank owned property that is off the market comes back on. Obviously they do (not) have interested buyers who are waiting for this to happen who will (not) jump at the chance to submit or resubmit an offer.
Hope this helps! If you have any other tips on how (not) to buy a bank owned home. Please feel free to (not) add them here!
If you are looking to buy a bank owned home in MA, DO give me a call. Man, DO I have the experience!
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Erin Golding
REALTOR
Realty Executives Tri-County, Inc
116 Mechanic St Suite 7
Bellingham, MA 02019
781-571-9039
eringolding@realtyexecutives.com
www.eringolding.listingbook.com
