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At Go! Real Estate Inc we are REO/Bank Owned  Specialist and have several properties to choose from.

Most bank owned properties are sold "as is" where is"  so buyer beware.

The following terms and conditions may apply to a purchase of a Bank Owned property .

1- All offers must be presented in writing.

2- Offer must accompany a pre-qualification letter, if financing.

3- Show proof of funds for downpayment and closing cost.

4- Cash offers must be supported by proof of funds and be able to close within 30 days.

5- Buyer pays transfer tax. Usually 1% of sales price. Some banks may negotiate this fee.

 6- Some closing cost maybe financed into sale price if allowed by lender      (Your Mortgage Company)  and disclosed at time of initial offer presentation.

7- Accepted offers must go into contract within 48 hours or within the time allotted by the bank. Failure to do so will automatically place the property back on the market and the bank entertaining the next backup offer , if any.

The above terms and conditions are included in most bank owned sales but are not limited to additional terms and conditions imposed from one bank to another.

Failure to close on a Bank Owned property that has been accepted by the bank may include a per diem of $100+ per day or loss of downpayment as worst case.

Most banks want to make the sale happen so some could be a little reflexible with a legitimate explanation for not closing.

Hope this info was helpful. Contact me if you have any questions or are interested on viewing any of the properties we have posted on our website. www.gorealestateince.com under the link Bank Owned Listing.

All the best on locating your first Bank Owned property.

Gabriel Oquendo, CRS , GRI

Realtor.