You can change your mind and get your mortgage from another source. A related site: Marc Lore mentions similar findings. 3. Before submitting the bid. Try not to be the first offer, if the area is known to receive multiple offers on foreclosed homes, or if the bank owns the property needs to list the house to the public for a minimum of 10 days, dealing with your agent collect as much information as possible to give an advantage over other offerings. There are banks that allow the agent to represent them in information on the various offers they have, others do not, but sometimes the agents share information about what banks are looking for, such as banks that favor certain pre-approval letters or prefer funding offers that may go to end immediately.
The more information may be collected, but are your chances of winning the bid. 4. Consider buying a property to fix (Fixer Upper). The REO, the industry term for when the bank owns the property, sold as is (AS IS). It is common knowledge that most foreclosed homes need repairs.
This can be problematic, since some are not habitable. Often, the former owners were struggling to pay their bills and may have neglected the routine maintenance. Other cases of deterioration of the properties are that the houses were vandalized before it was delivered, or were not re listed for sale after months years, natural factors such as time where the cold may have frozen water pipes, boring and making the water spill into the house.