http://tempeagentnews.com/2008/09/buying-a-bank-owned-home/ A Tempe, AZ Real Estate Weblog Fri, 27 Jan 2012 05:27:19 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://tempeagentnews.com/2008/09/buying-a-bank-owned-home/comment-page-1/#comment-214 Rod Rebello Tue, 11 Nov 2008 18:30:02 +0000 http://tempeagentnews.wordpress.com/?p=407#comment-214 Thanks Allen, good information and advice. I always advise my buyers to get an inspection. If the bank won't allow an inspection contingency, then the buyer should get it before the offer is made, or in the example I used above, before the final acceptance of the addendum. Thanks Allen, good information and advice. I always advise my buyers to get an inspection. If the bank won’t allow an inspection contingency, then the buyer should get it before the offer is made, or in the example I used above, before the final acceptance of the addendum.

]]> http://tempeagentnews.com/2008/09/buying-a-bank-owned-home/comment-page-1/#comment-213 Allen Blaker Tue, 11 Nov 2008 15:47:47 +0000 http://tempeagentnews.wordpress.com/?p=407#comment-213 As a home inspector who has performed over 100 REO inspections in the last year, I have found that most have major defects as defined by our AZ State Standards of Professional Practice. Banks usually have a budget for dealing with repairs, if the inspection process is performed and repairs are requested. AZ State law does not allow the sale of real estate which is not "habitable" which generally means that it must be able to receive an occupancy permit from the local municipal authority. A "C of O" generally requires a residential home to be heated and cooled, with internal (working) plumbing, no moisture entry and no major structural, safety, health, or other environmental issues (no mold, etc.). The bank may refuse to sell the property, but once they are made aware of the "major defects" they may be held responsible for the lack of disclosure... attorneys love to fight these sorts of things... The smart move is to always have a REO inspected and be sure to include the inspection contingency in your contract. As a home inspector who has performed over 100 REO inspections in the last year, I have found that most have major defects as defined by our AZ State Standards of Professional Practice. Banks usually have a budget for dealing with repairs, if the inspection process is performed and repairs are requested. AZ State law does not allow the sale of real estate which is not “habitable” which generally means that it must be able to receive an occupancy permit from the local municipal authority. A “C of O” generally requires a residential home to be heated and cooled, with internal (working) plumbing, no moisture entry and no major structural, safety, health, or other environmental issues (no mold, etc.). The bank may refuse to sell the property, but once they are made aware of the “major defects” they may be held responsible for the lack of disclosure… attorneys love to fight these sorts of things… The smart move is to always have a REO inspected and be sure to include the inspection contingency in your contract.

]]> http://tempeagentnews.com/2008/09/buying-a-bank-owned-home/comment-page-1/#comment-212 Can I buy a Phoenix area foreclosure 10%-20% under list? « Tempe Agent News Mon, 27 Oct 2008 00:08:28 +0000 http://tempeagentnews.wordpress.com/?p=407#comment-212 [...] For more information, see my article that reviews the process of buying a bank owned home. [...] [...] For more information, see my article that reviews the process of buying a bank owned home. [...]

]]> http://tempeagentnews.com/2008/09/buying-a-bank-owned-home/comment-page-1/#comment-211 Tempe bank owned homes: List vs Sold Price « Tempe Agent News Wed, 08 Oct 2008 15:31:43 +0000 http://tempeagentnews.wordpress.com/?p=407#comment-211 [...] For additional information on buying bank properties, please see my article “Buying a bank owned home“. [...] [...] For additional information on buying bank properties, please see my article “Buying a bank owned home“. [...]

]]> http://tempeagentnews.com/2008/09/buying-a-bank-owned-home/comment-page-1/#comment-210 Steps to buy a home in Arizona « Tempe Agent News Fri, 03 Oct 2008 03:28:12 +0000 http://tempeagentnews.wordpress.com/?p=407#comment-210 [...] market value. You then need to decide how aggressive you want to be with your offer. Is it a hot bank owned home that may get multiple offers? Then you may need to come in at or above the asking [...] [...] market value. You then need to decide how aggressive you want to be with your offer. Is it a hot bank owned home that may get multiple offers? Then you may need to come in at or above the asking [...]

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