Aggressive pricing and strong Seller motivation make the purchase of a Phoenix bank owned (REO) property a unique opportunity for you as a Buyer.
- Once a bank owns a property, they will list the property for sale in an “AS-IS” condition with a real estate brokerage company.
- The listing agent will accept offers on the property and submit ALL offers to the bank for review.
- If multiple offers are submitted, then the bank might start a “Silent” auction ask everyone to submit their highest and best offer.
- The bank will not disclose the offers from the other buyers and it basically come down to how much you want to purchase the property.
Once the bank has accepted an offer (Typically within one week), they will send the buyer an “Addendum To The Purchase Agreement” that was drafted by the bank’s legal council.
- Upon acceptance, the buyer will open escrow with an escrow company of the bank choice.
- The transaction or inspection period might begins before or after the bank signs the Purchase Agreement and all Addendum.
Another type of bank owned property is a Housing & Urban Development (HUD) property. CLICK HERE for additional information about a HUD home purchase.
If you are interested in purchasing a bank owned (REO) property, then we can help you through the process. Please contact us today to discuss REO properties available for sale on the market, TODAY!!