While the number of bank owned properties on St. George Island is greatly reduced, there are still a few on the market (currently five active REOs). If you’re planning to submit an offer, remember these tips.
- Banks price the properties according to appraisals and current valuations, so don’t expect a significant discount off list price, especially during the first thirty days on the market.
- Banks are aware of repair issues, negative features and the condition of the properties.
- Banks like clean contracts with few, if any, contingencies. Cash sales are preferred.
- Be sure to submit your proof of funds with a cash offer, or your pre-approval letter with a financing contingency.
- On your contract, use the name(s) in which you wish to take title. It’s difficult to make even a small name change after the paperwork is submitted.
- Inspection periods allowed by banks are typically 5 to 7 days. Have your inspection team ready.
- Plan detailed inspections. The property is sold in “as is” condition with no warranties.
- Be patient. The seller is an institution, and is in control of this transaction.
