Bank Owned Homes in Key West

I just created a new list of Bank Owned Homes in the Key West area. Homes from Old Town up to Sugarloaf Key. CLICK HERE to checkout the list. I must add that the list does not contain all bank owned properties. Some Realtors have not entered all of their listings in the mls. Some out of town Realtors (like some from Tampa and Miami) have access to our mls but do not necessarily follow our rules and don't always get their listings entered correctly.

There are some dogs on the list. Some of the houses have had the kitchen appliances and even the kitchen cabinets removed. Some need more than a little "TLC". But there are a few really nice homes that are priced very aggressively. The bank owners want to sell those houses. A couple of the houses are located on water. What a treat: a good deal and a water view.

Here are a couple of tips to help make your offer attractive to the guy at the bank that decides whether to accept your offer. First, have cash or get pre-qualified to purchase any on which you intend to make an offer. Most lenders require proof of funds or a pre-approval letter on file before they will even look at an offer. Two, don't clutter your offer with extraneous conditions that the bank (seller) will not consider. The bank is selling only what it got through foreclosure. It will warrant title and nothing else. Do your inspections before you make your offer because the bank will not re-negotiate the deal after it has agreed to a sales price. Three, offer to close within thirty days. In a world of multiple buyers, don't plan on dragging your closing out. Finally, even though the lender will usually pay for the title insurance, you may want to engage a local real estate attorney to represent you at the closing. Don't let a good deal turn into a bad one by being penny wise and dollar foolish.

If you are looking to purchase a bank owned property in Paradise please consider working with me. I used to manage bank foreclosures for two banks in Denver. I have the real world experience to help you present an offer to the bank owner that may have a good chance of getting accepted. Call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Who knows, we may get the better of Mr. Potter!