In the foreclosure-investing world, it is important to have the right bank backing up your decisions. You want a bank that will work with you as quickly as possible in order to seal the deal and win the bid on that prime foreclosure. Choosing a bank that does not work well with you and your timetables, even if they have great percentage rates, can hurt your business because you may end up losing those great foreclosure bids.
What To Consider When Choosing a Bank
There are four simple things to look for when determining if a bank is right for you and your foreclosure investment business.
People
You have heard it before about a restaurant, “the servers make all the difference in the world.” The same is actually true about finding a good bank. Having the right people who can get on board with your vision and understand what you need in a bank is almost more important than the house you are bidding on.
When people can relate to you and make your banking time enjoyable, it says a lot for how well you will do in the foreclosure investing world. Even if a bank’s interest rates are a quarter of a percent higher than the crummy bank down the road, it may be worth it because your attitude and confidence when bidding will be much better with a bank you can trust as opposed to a bank in which the people just gave you the runaround.
Hours
A bankers lax hours may be a source for jokes, but it’s not funny when you’re trying to run an investment business. Pick a bank and banker who is there when you need them to be. Many banks are now open later, but make sure you pick one with online banking and a 24-hour customer service line. Again, the online agents must be good people, too, who are willing and able to help you get answers whether it is midnight or midday.
Location
Choosing a bank with many locations is always a good idea. When getting ready to go to war on foreclosure biddings, the last thing you want to do is drive an hour across town to visit your bank. Your bank should have a location that is convenient to wherever you are.
Keeping the locations close allows you to swing by, pick up a check, and get back before anyone realizes you were away. It is also helpful to have a bank close to the auction just in case you need to make any last-minute changes to your account or request more money.
Speed
Having a friendly, knowledgeable, and convenient bank is great unless it takes a minimum of two weeks in order to get a response to a request. The bank you choose must be quick with their responses. If you can’t get a fast answer to a question, get another bank.
It is important to balance that speed with being efficient, but a bank that is top in both categories is one that you want to hang onto. If there is a problem with another investors’ funding at an auction and your bank can turn around a counter offer quickly, you might have a shot at scoring that foreclosure after all.
Picking the right bank is important if you plan on investing in foreclosures. Make sure you look for the quality of people, the hours of operation, the locations of branches, and the speed at which everyone operates. Most importantly, choosing a bank that fits your needs and works the way you like best.
