Another Day Another Dollar

Or in the Banks case $50. Yes that is right, When dealing with some Bank owned residential purchases, every day you hold up the close its $50. Let me explain:

As Realtors here in the greater Phoenix area, we deal with many Bank Owned properties. And the Banks have created there own rules. And often the rules change for each bank and each property. Making our job as realtors quite a guessing game. As mentioned in a prior post, the "Big" real estate firms that have a ton of these listings are only working the "9-5" 5 day work week. Making a limited time frame to get your close done.

At Arizona 360 Realty we disclose everything up front, and try and prepare our customers for what is expected of them is purchasing a Bank owned property. Items like the property is AS-IS, additional contracts, and the importance of the inspection. One MAJOR factor in dealing with these types of transactions is what we like to call the "one way street". As a buyer you are expected to meet very aggressive time frames, most documents are required by the seller (the Bank) to be signed and returned in 24 hours. Keep in mind this is total time, from getting the document, to signing it, and back to the selling agent. So as the buyers agent we do need some time to make sure that no technical problems occur. Now this being said, often it is days before we get anything back from the Bank, so here is that "one way street". As buyers you are expected to meet schedules, these schedules are very important because if not met, the seller can, terminate the contract. If this happens a loss of money for the buyer happens. Inspection fees, earnest money as well as any other fees paid by the buyer, could be lost. Not to mention loosing your dream home.

So as buyers starting the purchase of a bank owned property meeting the schedule imposed by the seller is very important. And do not feel it is not fair, just come to the realization you are getting your ideal home for a good price and meeting time frames is just part of the process. And if you do a great job, the close dates are "on or before" so you could close early and be in your home!

Because Arizona 360 Realty has experience with Bank owned closings, we can help you meet schedules so you too can have a successful close. Visit our website www.sellaz360 and fill out The "contact us" page so we can contact you and help you with finding the perfect home.