Ted Markow
Junior Member
- Joined
- Nov 14, 2003
- Professional Status
- Licensed Appraiser
- State
- New Hampshire
I know maybe I have led a sheltered appraisal career -- or not! Today I cgot a call from one of my better clients and he asked me about appraising a sale of a bank owned property. My gut reaction was ---- yeahhhhhh. Then I realized I had done a lot of diferent appraisals but this would be the first, and I am sure not the last, purchase of a bank owned property. My question, are there any special considerations I need to be aware of? Those of you that have done them before have any heads up on what to look for? What can I expect from the Bank?
I thought it interesting that when a bank is the lender, you jump thorugh hoops to make sure everything is just right. When the tide is turned and they are the seller of a property. Here it is, as is, take it or leave it and oh by the way if you don't take it you loose that 5K you put down as a deposit. Be interesting to see how the lending bank feels about those conditions when it is their money.
Thanks for any advice or opinions
I thought it interesting that when a bank is the lender, you jump thorugh hoops to make sure everything is just right. When the tide is turned and they are the seller of a property. Here it is, as is, take it or leave it and oh by the way if you don't take it you loose that 5K you put down as a deposit. Be interesting to see how the lending bank feels about those conditions when it is their money.
Thanks for any advice or opinions