Buying Bank Owned Homes (i.e., Foreclosures)
What's a Bank Owned Home?
Bank Owned Homes are homes which have been foreclosed upon and are now owned by the bank or mortgage company.
Buying a bank owned house is a much neater, quicker and attractive proposition then buying a short sale or buying at the trustees sale (i.e., the courthouse steps), however it is still a very different process than purchasing a traditional home for sale.
Unlike buying at the trustees sales the bank will see to the elimination of tax liens, evict occupants if needed and generally plan for the issuance of a title insurance policy to the buyer at closing.
Note that banks don't necessarily abide by the standard practices of the industry and their contracts favor them. By hiring me, you can be assured that I will patiently explain the nuances of the contract and do everything I can to make sure you are protected.
Am I guaranteed a bargain when buying a Bank Owned House?
It's frequently thought that any bank owned home must be a good buy and an opportunity for guaranteed profit. This isn't necessarily the case. You have to be prudent about buying a bank owned home if your intent is make a profit. Even though the bank is typically anxious to offload it quickly, they are also motivated to get as much as they can for it. Let me help you evaluate the deal and make an appropriate offer to acquire that diamond bank owned home in the rough.
Look closely at the listing and sales prices of comparable homes in the neighborhood when making an offer on these foreclosed homes. And factor in any repairs or upgrades necessary to prepare the house for resale or moving in. It is possible to find bank owned deals with money-making potential, and many people do very well flipping foreclosures. However there are also many bank owned houses that are not good buys and not likely to turn a profit. This is where I can help guide you with my experience buying bank owned homes all over the Phoenix Metro Area.