But because the banks are required to disclose very little about the properties condition (remember, MR or MRS Bank Never lived in that property, all they know about it is they want it sold!), it is up to you and your agent to do your homework!
Here are some very useful guidelines to bear in mind if you are considering purchasing LA Reo Properties (Real Estate Owned, same as bank owned).
Many of the Bank Owned homes Los Angeles host aren't left in the best of condition. While cosmetic issues can be resolved rather easily in some cases, structural issues can blow your deal and cause your lender to NOT loan you the money on the property (cash buyers not such an issue).You must get a home inspection to avoid walking into a nightmare!*Buyers looking for FHA approved homes in Los Angeles must pay super close attention to this as FHA is very picky about the structure of the home you are buyer.
Timeliness:
When dealing with bank owned homes it's all about the bank and their schedule! Be aware it may take several days to weeks to get a response to your offer. On the other hand, they are very strict in the time lines they set forth for you. It is not uncommon for them to charge you $100 per day if you do not close on time. Make sure you pick a Savvy Realtor and Lender to represent you or it could cost you money!
Make Strong Offers:
Be sure to put your best foot forward when you are putting offers on and of the Los Angeles bank owned properties. Especially when you know there are multiple offers. Make sure your Agent has a good idea of the market value in the area and that you are being reasonable with your offer. In most cases, don't "Low Ball" offers because you are simply wasting valualbe time you could be utilizing to find your next home!
Copyright © 2011 By Stephen Munson & Luis Montejano-Munson|Montejano-Southern California Real Estate, All Rights Reserved *Munson Montejano-Bank Owned Foreclosures-A Buyers Guideline,LA Reo Properties,Bank Owned homes Los Angeles,FHA approved homes *
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