Top Strategies For Winning Bank Owned Foreclosures

October 10, 2017 Facebook Twitter LinkedIn Google+ Online Auction

Buying bank owned foreclosures is like going through a whole process where you need to take every little step with precise and careful tread. This is because banks that own these foreclosures already have a system in place that you need to follow if you want to secure a deal with them. But the fact is, you are not the only one that is interested in the same property. More often than not, there will be others who will be eyeing the same property as you are. To ensure that you will close a deal, here are some tips you can follow.

Research Comparable Prices

Knowing the comparable prices for bank owned foreclosures vis-à-vis others will lend you an idea on how much you can initially offer to the bank. Many commit the mistake of offering a figure right from the top of their head but this would not just work. You have to understand that bidding either too low or too large could only lead to your failure as an investor since you will create the wrong impression with the bank. The best way to negotiate is to come to the negotiating table prepared. Check how much has been owed on the property and how much of these have already been paid. This will give you an idea of the break even figure that the bank could be amenable to or at least one that you can start with.

Submit Complete Documents

When submitting documents for bank owned foreclosures, make sure that you complete all the necessary papers, attachments, statements and other paperwork that the bank requires. Submitting complete paperwork ensure that you are on top of your application. When banks peruse over submitted papers and applications, they normally have a pile on their desk and when they see a missed detail or two or inadequate submission, they would have to put back your file on the bottom for later consideration. You certainly do not want for this to happen. This is why in addition to submitting complete paperwork, you need to ensure that you can be reached by the bank and can respond to them quickly whenever they need to confer with you.

Joseph B. Smith has been educating buyers on the finer points of bank owned foreclosures at for over ten years. Contact Joseph B. Smith through if you need help finding information about bank owned foreclosures.