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10 tips to help you buy that bank owned property in Long Beach, California

10 tips to help you buy that bank owned reo property in Long Beach, California
10 tips to help you buy that bank owned reo property in Long Beach, California
AP Photo/Jae C. Hong, file

Right now according to the multiple listing service there are 114 bank owned properties on the market in Long Beach, California. How can you get your offer accepted when many of these properties are receiving multiple offers? First of all do your homework.

1. Get preapproved and have that letter ready along with your fico scores. This is critical as you may be competing with many other anxious buyers.

2. Have a great real estate agent that is responsive and communicates promptly with you

3. Have your real estate agent search on a regular basis for properties that meet your specifications so you can find them early, or look for the ones that have been on the market for a while and see if there is anything worthwhile there.

4. Look at recent solds, competitive listings, and recent expireds, and canceled listings in the area to see what the market in the area is.

5. Check out the property and find out what is wrong with it. Find out what it would cost to rehab, fix up, or otherwise make that property livable. Take along a contractor if you can.

6. Ask questions. Talk to neighbors, the condo association, etc.

7. Find out if the property has been listed before and what its history is. Was it a short sale previously?

8. Talk to your agent about how to write your offer. Should you offer highest and best? Or should you leave some wiggle room? This depends on how popular the property is.

9. Make sure your offer is complete. A complete offer should have a copy of the deposit check, agency disclosure, preapproval letter, proof of funds, termite addendum, reo advisory, and of course the purchase contract.

10. Stay in touch with your agent and have your agent keep looking even while you are waiting on your submitted offer. It can take time for a bank to make a final decision on selling an reo.

Finally if yours is not the winning offer, not to worry, keep looking. Remember it's important to stay within your budget; so if your offer was not accepted and everything was there including the right offer amount, and you still didn't get that Long Beach bank owned property, then it was not the right property for you.



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