Buying bank owned homes strategy

This Sunnyvale bank owned home 418 S. Mary Ave was sold quickly with over 20 offers. The asking price is $420,750 and the sold price probably will be over $550,000.
                                                                                

How to buy a good deal of bank owned own homes, you need to follow the following rules:

1). Price and initial deposit. The price is major issue. If you only qualify to buy $430K and try to put an offer to buy a home for the asking price then you will be disappointed. The asking price is like a teaser price which is not the reflect the real price.You need to ask the your agent to run an Comparable Market Analysis which will show the current value that include of homes on the market, pending sales and sold homes in the neighborhood.
The May home’s comps  shows over $600K with good condition. This home’s condition is marginal with non-permitted remodeling work. You need to put a correct purchase price with 3% initial deposit.

2). Contingency period: This the period of time for buyer to inspect the home and find a real estate loan . Don’t take longer then 15 days to do those activities.

3). Close the home to be within 30 days after acceptance. The bank usually likes the home to be close within 30 days All cash offer will be the best to them.

Grace Keng of RE/MAX Real Estate Services DRE#00919545  the members of the National Association of Realtors, (NAR),the California Association of Realtors, (CAR), and the Silicon ValleyAssociation of Realtors, (SILVAR),  MLS listings Services, (REIL).