How Do You Buy A Bank Owned Home?
Buying a banked owned or foreclosure property can pose special challenges. Real estate laws vary from state to state. Real estate sales licensees must take two tests to get their license. One test is the federal test, the same for all real estate agents, all over the country. The second test is the state test. Each state has its own test, for laws vary from state to state. Some states require an attorney participate in the transaction, while other states, like Arizona, do not need an attorney to close a real estate transaction. Because of this, the procedure for purchasing bank owned homes might vary from state to state. Yet, the following steps should help you understand the process, and look out for potential pitfalls. Step 1 Expect the bank to have its own purchase contract. Many states use a standard real estate sales contract. Although, in real estate school they teach us you can write a valid contract on the back of a napkin. In Arizona, Realtors typically use a contract prepared
