123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Real-Estate-and-Foreclosure >> View Article

Buying Bank Owned Homes Vs Regular Single Family Homes

By Author: Vikram Kumar
Total Articles: 3597

People have different ideas when it comes to 21st century real estate Green Bay Wi home buying. Some individuals seek to buy bank owned foreclosure homes while others opt to buy homes from regular sellers. Some claim buying a foreclosure bank owned home is quite hectic and complex while some other home buyers have a hard time just researching buying a non bank owned home. Either prospective is right! Experts say you will go through similar hassles to get a home from either seller. Well, if you are uncertain of the best way to go, then this is the article for you.

Differences between the two types of homes

It is vital that you understand the differences between the two types of single family homes for sale Green Bay Wi before you waste your time and money:

- To begin with, regular sellers tend to have disclosures that bank-owned homes lack. It goes without discussion that banks barely have the knowledge of the history of the homes they are selling. This is not the case for homes sold by their owners. They are required by Wisconsin state law to disclose any material defects on the property, and if they do not, they are liable to the buyer for any future repairs. They know their homes flaws and strong points. Banks on the other hand, have little knowledge and sell their property “as is” without disclosures.

- Bank contracts tend to favor banks. After submitting your offer, banks can come up with an addendum that alters your offer. This leads to complex negotiations even for experienced Realtors!

- Normally, banks sell their property in their current condition. If the home has mold, water damage or dry rot or any other major problems like a cracked foundation they do not have to remedy those problems prior to selling. If you are buying a bank owned home you will want to make sure you get an expert in prior to making an offer so you really know what you’re buying. Plus, you should be prepared to pay extra for all the repairs the home contractor finds. Fortunately, you have an upper hand if you buy from regular sellers that are required to disclose all known defects. Although it’s recommended that you get a home inspection to identify any problems so the home seller fixes them prior to the sale. This way, you can negotiate and repair all problems as agreed!

- Negotiations with banks tend to take longer than negotiating for regular homes. Banks rely on asset managers who then rely on agents. These agents likely deal with many other banks and you never really know if your offer is even a priority. Remember, most banks or asset management companies are large corporations that lack the personal touch. They are in the business of property and you have to follow their bureaucratic process if you want a chance at buying one of their foreclosed properties. Many times, you will be lucky just to receive a call back versus a home seller who really wants to sell their property.

Resource Box
The 21st century real estate Green Bay WI is faced with several options. Banks and ordinary sellers are competing for home buyers for their single family homes for sale Green Bay WI . Considering that banks lack disclosures, set contracts in their favor and take long to negotiate, you might opt to buy homes from regular home sellers.

Total Views: 44Word Count: 612See All articles From Author

Real Estate and Foreclosure Articles

1. Office Rental Space – Tips To Find The Right One
Author: Office Rental Space

2. Are Online Real Estate Portals Of Good Help?
Author: Rent4free Properties India Private Limited

3. Make Your Dream Come True- Own A Property That You Desire At Costa Blanca
Author: ImmoAbroad

4. North Barrington Homes For Sale Real Estate Market Report 2017
Author: John Herman

5. Belongings Control Perth
Author: John Adams

6. Try These Interesting Ideas Of Decorating Your House With Family Pictures
Author: Sharangee Dutta

7. Perth Belongings Management
Author: John Adams

8. Godrej Air
Author: godrej

9. Godrejo Air
Author: godrej

10. Gwadar – The Next Shenzhen
Author: China Pak Hills

11. Tata New Haven Bangalore
Author: tata

12. Property Manipulate Darwin
Author: John Adams

13. Selling A House By Owner In California
Author: Mason Dexter

14. Perth Assets Control
Author: John Adams

15. Belongings Control Darwin
Author: John Adams

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: