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Anyone made bids on a bank owned houses? The house is not in foreclosure.?

The owner left the premises even though the house has been almost paid off. Now the bank is trying to sell and even though they realtor is showing the house, they are taking offers even though they have put a price on it. I am not sure if they have the traditional way of signing the contract by putting down the money. The agent who showed us the house is not giving clear details as to what we should do. Any suggestions?

Public Comments

1. If it isn't paid off all the way then in the end it will be a foreclosure. That would be the only way the bank could get the title. You would just put in an offer. Get a Buyers agent and go from there.
2. There aren’t any major differences between buying a home from a bank vs. a private seller. In either transaction the buyer should have a buyer’s agent - separate from the seller’s agent. Since you seem to have not had one, bringing one into the transaction now could get sticky. The seller’s agent may be able to claim procuring cause of sale (i.e. I’m the reason you bought the house) which would stiff your buyer’s agent out of payment for their services. For more info on that, contact an attorney. If you decide to look at more homes, find a buyer’s agent first so you have someone to represent you and answer all of you questions.