Ventura County Bank Owned Homes

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Ventura County Bank Owned Homes

Trent Jones, Broker / Realtor, Ask Now Investments, Ventura County CA, DRE Lic. 01506286
805.798.0434 - 805.640.8354

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  • Tips on Buying a bank owned home in Ventura County, CA
    • Most banks list their homes with a local Realtor. Be sure you have a good Realtor representing you. I say have a local agent other than the listing agent to represent you is your best bet. You want someone working 100% in your best interest.
    • Before you make an offer look at the comparable sales. Banks do their homework before they list a home by getting a detailed appraisal and broker price opinion. So, they know generally what the house is worth. Your job, with the help of your Realtor is to make sure you do not over pay. After looking at the comparable sales look at what you will have to spend on fixing the place up. If a house is on the market for say $300,000 and it will take $100,000 to make it livable then you need to ask some serious questions about the value of the home. I say the real value of a home is the sales price plus the fix up cost. Not all bank owned homes are good deals especially ones that are in poor condition and are in questionable neighborhoods. SO BUYER BEWARE!
    • If you are looking in a popular area of homes you may find that their will be multiple offers. Again this is a good reason to know exactly what the values are for the neighborhood. If you and your Realtor feels or knows that there may be multiple offers coming in you may want to offer over asking price. But be careful. Getting into a bidding war may cause you to pay more for the property than it is really worth. One trick that Banks do is purposely list the home under market value knowing that this will cause multiple offers. Once the offers start pooring in then they have a better opportunity to sell it for even a higher price.
    • Banks like all cash deals. If you can offer cash do so. If not, be sure you are prequalified for a good solid standard loan and submit your bank qualification letter with your offer. I would say a "good loan"is one that has at least 20% down. Sadly, banks usually frown on VA loans and creative loans with less than 20% down.
    • Your offer should be subject to a physical inspection of the house. All banks sell their homes strickly"as is." Some pay for termite work and treatment and others do not. Do not, I repeat do not buy a bank owned home without getting all of your inspections done. As part of your inspection talk to the neighbors They usally have some information on the house, its' condition and neighborhood issues. Be willing to walk away from any home with serious issues.
    • Now ask yourself why you want to buy a bank owned home. Here may be some of your reasons:
      • You want a really good deal. You want a really good deal. You want a really good good deal!
      • You think banks are easier to deal with and that they are desperate to sell. In more cases than not banks are not desperate and they want the apprased value or close to it.
      • That home you are looking at just happens to be in a neighborhood you want to be in.
      • It is a house you really want at a price you can really afford in the condition you really want the home to be in.

The last two reasons are the only good reasons to buy a bank owned home. Yes, you may get a better than average good deal. And you may not. Remember that this is a very serious investment and you want to be 100% sure in is right for you.

Call me: Trent Jones, Realtor 805.798.0434
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