"You must understand how Bank owned property works and how banks sell homes in order to be an efficient and effective investor in this arena of the market."

Banks will consider offers as low as 20% below their asking price. When you are out looking at property this weekend make sure to write an offer on all of the "Good" bank sale homes that you look at. If they are asking $100,000 for the bank property owned, then offer them $80,000 or even less. Make ten of these offers on ten different bank sale homes and you will get a bite on one or two. You have to play the numbers games here. There are more bank sale homes on the market than there are Buyers, now and for a while.

Ask the bank that owns the property to offer financing. They may be in a greater position to lend if it means getting the empty bank property owned by them off of their books.
Agree to purchase the bank property "AS/ IS" (as long as you are sure that you can handle all of the repairs, and see my article on fixer uppers: (http://www.propertyhookup.com/article/20/Tips_for_inspecting_Fixer_Uppers.html )
Don't ask for any frills or too many extras. most banks prefer a "no strings attached" deal, and will be willing to accept SUBSTANTIALLY LESS if they understand that you are ready willing and able to purchase the property quickly.
Have your financial house in order. Send financial statements along with your offer and a copy of your earnest money check. Money talks. Close as quickly as possible.
Banks are in a position like they have never been before. Asset Managers are burdened with thousands of foreclosure homes. There may never be opportunities like this again in your lifetime for you to pick up quality discounted bank sale homes from the bank's bank property owned portfolio. Stick to your investment strategies, offer low, and don't make emotional decision. These long term investments might be some of the best of you lifetime.

 

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