What is a bank looking for in foreclosure offer
With the ever increasing number of foreclosure homes on the market, it is very likely when searching for a home to buy that you will run across a few of them. If you decided to put an offer in on a bank foreclosure property it is important to know what banks are looking for in those offers. If you have decided to look specifically for a foreclosure this whole site is loaded with properties and we are adding more each week so check back often.
Banks only want to know a few specifics when an offer comes across their desk. They are not interested in a lot of details. With the number of offers they are seeing now they boil it down to a few things we will discuss below.
Amount - How much are you offering for the home? Just because the bank owns it does not mean they are looking to give it away.
Amount down - Will you be putting down 5%, 10% or 50%? That number is important t the bank. The more money you put down the more serious a bank may look at your offer. We have actually seen numerous banks take a lower offer and accept the one with a larger down payment. [click to continue…]
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