Interested in Bank-Owned Properties?  Go back to my Home Page and click on Advanced Search. Then click on REO properties.Contact me if you have any questions or if you would like to know more about a certain property.

 

I have some favorite Bank-Owned properties that I will share with you.  There is a lot to know about buying a foreclosed property. Some properties are in better condition than others.  Some properties have been abused by the former owner or vandals. It is also important to know that not all Bank-Owned properties are a bargain. Some banks price their properties way below market to generate multiple offers. This will often get buyers in a 'bidding war' and the final sales price will be much higher than the listing price. Other banks overprice their property and won't even consider an offer more than 5% below the list price.  They will keep lowering their price until they find the current market value. 

 

Remember that most Bank-Owned properties are 'AS-IS'.  You will, however, have an opportunity to have inspections done to make certain you are comfortable with the condition of the property. If you decide not to purchase the property, you will not be reimbursed for the cost of the inspections.  The cost for inspections will probably be between $500-$800 on average, but inspections are extremely important.  It is money well spent!

 

If you are sure that you want to buy a Bank-Owned property, let me help you.  The best properties sell very quickly so you must be ready and pre-approved.  If you haven't spoken with a lender yet, get started!  Banks will not even consider your offer unless you have a pre-approval letter from a reputable lender.  I work with several lenders and will be happy to match you with one that will best suit you and your situation.  You should feel comfortable with your real estate agent and your lender. You should also have complete confidence and trust in them and never feel pressured or rushed.