Shaun Morgan Banker

How to get value for money when buying bank owned properties

Bank-Owned properties refer to any properties which are returned to the custody of the mortgage lender e.g. A Bank, when it fails to secure a buyer in a foreclosure auction. While these properties may seem like a great opportunity for interested buyers, it is important to ensure certain details concerning these properties are in order. Cases of individuals purchasing cheap property that proves to be very expensive in the long run are very common and should be avoided at all costs. Our team led by Shaun Gregory Morgan has compiled a number of things you should consider before reaching for your wallet.

Important Factors to Consider Before Purchasing Property
This refers to the checklist of all conditions you require to be fulfilled by the bank-owned property you are interested in. They include.

• It is important to have the property inspected and appraised. This will cost you some money but it might save you plenty more in the long run. Banks may offer a generous discount but that doesn’t necessarily mean it’s a bargain. They just want to sell it as fast as possible and they realise that offering a competitive price in the best way to go.
• Banks always seek to assure their shareholders that they’re trying to secure the best deals for these properties. This means they won’t hasten to accept offers the moment you make it. They will take their time to consider and discuss it. This therefore means you’re going to have to be very patient as you await their response.
• Don’t be hesitant about trying to negotiate a better deal for yourself. After having done your appraisal of the property you will be well versed in its best qualities, its faults, the approximate cost of renovation et cetera. Using this information, you can make a compelling case for yourself which could just be met with a counter-offer.
• It’s important to do a background check on the property to confirm that the money lender has cleared all outstanding taxes and liens so that the burden doesn’t fall on you. While banks usually do that before listing a property, never make the presumption that they have.
• If you’re interested in purchasing a property with substantial damages, you should be prepared to face some difficulty when trying to obtain loans. If possible, get financial pre-approval by the lender before making the purchase.

Always Seek Consultation When in Doubt
Getting professional help could mean the difference between getting either a good or bad investment. Having an experienced hand like Shaun Gregory Morgan on your corner will enable you to make the best decisions in case of any new eventualities. This is because while the process may seem straightforward enough, it is important to have someone who knows the ins and outs of the property market to set you on the right path. This will ensure that money lenders don’t take advantage of you.