There is one huge benefit that the buyer of a bank foreclosure listing will probably see and that is purchasing a home under market value. Most of the time, banks do not want to foreclose on a home. The process is an expensive hassle that will give them much less of a return than if the borrower had seen the loan through to term. Because of this, most lenders and banks wish to get rid of their bank foreclosure listings quickly and thus list the properties below market value for a quick sale.
The Disadvantages
The truth is, people become upset when their homes are “taken” from them by the bank and can act with emotion as opposed to logic. This is especially true if they have put much work into the property. It is not uncommon for the homeowners of foreclosed properties to take with them the things that they added to the home, even the kitchen sink! In addition, the home may be left in a state of disarray with loads of personal property left behind. The clean-up can be a hassle, but this clean-up can make a diamond in the rough.
Understanding “As Is”
In addition to not having a property condition disclosure at your disposal, foreclosure homes are sold “as is,” meaning, for the most part, the owner of a bank foreclosure listing is not going to make any repairs to the property. In most cases, this does not mean that you are not entitled to an inspection. Often, you have a set amount of time to have an inspection and determine whether or not you still want to purchase the home. It is important that you read and understand all of the documents involved in purchasing a foreclosure very carefully.
Our Expertise
We have been listing and selling bank owned properties for the past 8 years. Some of them have been despicable and some move in condition. Some banks will make minor repairs like paint and carpet, other banks will not do anything. One of the biggest challenges for any bank owned property is getting the Seller to accept your low offer and when they do, you have 30 days or less to close. Your attorney must be versed in foreclosures as the contracts are more involved than in a traditional transaction.
How do you find a bank owned property? We always ask our Buyers “what price range are you looking in?” If we can find a property that meets your needs, does it matter if it is a bank owned property? There are many websites that advertise foreclosures. Most have a trial period and then you have to pay monthly. The problem with all these sites, including the one below is that the information may not be accurate. Homes in foreclosures go thru different steps and may take up to a year to get listed!
So you can search 2 ways. Go to www.YourHouseListingBook.com and search by price range, or click on the link below. The site is 100% free to use, there’s no registration required. Just click on the state you want to search and view the listings. Make sure you check out the listings in and around your area. When you see a property that you are interested in, email us and we will check out the status. Or just fill in the box below with the area you are looking in and we will send you a list. Let’s get started!
Search Bank Owned Properties For FREE!
