Buying bank owned poroperty
When a bank owned property is available for sale they only parties who are allowed to make an offer or bid on the property is those with proof of funds available letters which prove those buyers have the cash to pay for the house at closing. These homes cannot be financed in order to be purchased from the bank if they have been foreclosed on. The price the bank is looking for is the amount of the broker’s price opinion (bpo) that was previously provided to the asset manager prior to the home being put up for sale. In order to recoup some of the bank’s losses sometimes the asset manager will list the home a bit higher than the bpo.
