3 Ways Buying Bank Properties Is Different

Q: We found a home for sale online and it says that the bank owns the property. How is buying a bank owned property different than buying a regular home? Janet, Chula Vista, CA

A: Here are 3 ways buying bank owned properties is different than buying a home from a regular seller: 1. Condensed inspection period–typically banks require home inspections be done in a shorter period of time when they sell property they own, 2. Non-refundable deposit–banks often require buyers to pay a non-refundable deposit when they sell properties they own 3. No prior owner knowledge of property, so caveat emptor–it’s always a good idea to get a thorough property inspection done before you buy a home but it is even more important to do so with a bank owned property because the bank unlike an owner who has lived in the property for some time is unlikely to have any information about the condition of the property. Thanks for your question, Janet.

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