Special Real Estate Sales FAQs
How do I make an offer on a bargain property?
Open up the Property Information Package (PIP), download the PDF, and completely fill out all documents in Section 10 of the PIP, which includes: Purchase Contract, Quitclaim Deed, Confidentiality Agreement, and Purchaser Eligibility Certification. Once all documents are complete, mail them with a check made out to the FDIC for the asking price to:Federal Deposit Insurance Corporation
Attn: Sarah Saxby
1601 Bryan St
Dallas, TX 75201
To expedite the processing of the funds, write the Asset Number, FDIC contact name, and the property address on the check.
What if more than one completed contract and check are received for the same property at the same time?
Each potential buyer will be contacted and a "best and final" offer will be conducted. The potential buyers will be requested to submit their best offer on the property. The highest offer will be notified that their offer was accepted and will be required to send a check for the additional amount of the purchase price. The other offers will be notified that their offer was not the highest and their money will be refunded. Based on prior experience, properties advertised on the Bargain Page generate a high level of interest; therefore, the list price is the minimum acceptable price. The offer with the best terms will be awarded the property.
I am interested in a few properties in the current listing. How do I find out more information relating to those properties?
Each bargain property will have a Property Information Package (PIP) which contains more information on each property. There will also be a contact name and phone number if you need further information. The contact name will either be an individual from an FDIC office or an individual associated with the sales initiative.
Why do I have to fill out a Confidentiality Agreement before viewing the PIP?
Certain sections of the PIP are only viewable after the FDIC receives a signed confidentiality agreement. A blank confidentiality agreement can be found in Section 10 of the redacted PIP. Email or mail the signed confidentiality agreement to the property contact to receive the complete PIP.
How often is the listing of properties updated?
It is the FDIC's intent to update the listing of properties by close of business each Monday. Therefore, with the volatile nature of the real estate business, it is important to contact the individual associated with a particular property to find out if the property is still available since the last update.
What is the condition of properties sold from FDIC?
All properties are sold in an "AS IS" condition. The FDIC makes no guarantee, warranty, or representation, expressed or implied as to the location, quality, kind, character, size, description, or fitness for any use or purpose, now or hereafter with regard to any of the properties listed.
How is the Asking and List Price established?
List and asking prices are established by a variety of factors which may include independent appraisals, brokers' opinion of value, and current market conditions. All prices are subject to change without notice.
How does the closing process work?
Once all completed documents and the check has been received, the FDIC will create a modified HUD, which will confirm the sales price. The FDIC will process the recording of the deed, but the FDIC will not close with a Title Company. The buyer has an option to close with a Title Company at the buyer's expense. The FDIC will furnish a copy of the recorded deed to the buyer once it is RECORDED and received.
If you have questions concerning FDIC property sales that are not answered on the Internet, please feel free to call our Service Centers:
Field Operations Branch
1601 Bryan Street
Dallas, TX 75201