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So you’re thinking about buying a Tarrant County Bank Owner Property.Bank owned property taken back by the bank through foreclosures are referred to as “Real Estate Owned” more commonly referred to as REO’s.You expect to make a killing" in the process, right? Seems like a great plan and it just may happen, but first you take a look at some facts about REO’s so you will be prepared.As a purchaser of an REO property, you will receive a title insurance policy and the opportunity to do your due diligence on the property.All REO’s may not be a great bargain, however. Do all of your homework prior to making an offer on the property. Make sure that the price you offer is comparable to similar homes in the neighborhood. Also, Make sure you factor in the costs of repairs to the property.Don’t get caught up in a bidding war and pay more than the market value of the property. Each bank handles the process a little differently, but they all have the same goal. They want to get the best price possible and don’t want to just give away all their real estate holdings. Most banks have a special department set up to manage their REO inventory.Once you put in an offer to purchase, banks generally don’t accept your original and will present you with a counter-offer. It may be at a higher price than you wanted but they have to demonstrate to their shareholders and auditors that they are attempting to get the highest price possible for their properties.To get at the price point you want to buy at consider making your initial offer about 10% below your target price.Be patient as it can take a couple of weeks or more to respond to your offer.
Banks sell their on an as is basis. They will usually, however, allow you to get all the inspections you want (at your expense), but they generally will not agree to make any repairs.To have the right to get an inspection your offer must include an inspection contingency or option period that allows you to terminate the sale if the inspections reveal major damages that the bank will not correct.If major repairs do arise sometimes the banks will re-negotiate the price to save the sale instead of putting the property back on the market. If there are Tarrant County Realtors involved, either representing you or the bank, those agents are required to provide you the proper disclosure statements required by law.Regardless if you are searching for or even you should always utilize the services or a Professional Tarrant County Realtor to represent your interest.
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