Whether you are an investor looking for residential investment property, or an individual looking to buy a residence for yourself, a bank owned property represents an opportunity for you to acquire a residence at a savings. There are several considerations to take in to account when you are evaluating bank owned properties:
The condition of these properties vary widely. In many cases the properties will require repairs and renovation in order to be habitable. Some properties will actually be close to “move-in” condition! However, you should be prepared to have some work be performed on the property after you acquire it.
Every bank and lending institution is different. In some cases they are willing pay for repairs and your closing costs. In other cases they want to sell the property in an “as-is” condition, which makes you responsible for all problems with the property after you purchase it. For most banks and lending institutions, owning these properties is very expensive for them, and the longer they own them, the more expense they incur. As a result, they are usually very motivated to sell theses properties.
For more desirable properties, you may have considerable competition. You should be prepared to move quickly when you find the right property. It is a good idea to meet with a mortgage lender and get pre-qualified or per-approved for a loan before you make an offer on these properties! When the bank gets an offer they like, they will want to move quickly to take the property out of their asset inventory.
The properties shown on this site have been listed on the Metrolist MLS and have been specified as “REO” (bank owned) by the listing agent. This information is based upon MLS data and is updated in real-time.