If you are looking for a real estate deal that allows you to save some major money, bank owned properties should be at the top of your list of possibilities.
Foreclosures are great when you know how to navigate the foreclosure waters. But bank owned properties are truly fantastic deals.
When it comes to bank owned properties, you can find single-family residences, town homes, mansions, condominiums, vacant land, luxury homes, million dollar homes, lake front properties, homes in private communities, commercial properties, industrial properties, apartment complexes and the list goes on.
There are literally no limits when it comes to bank owned properties.
Probably one of the biggest issues people and investors face when dealing with bank owned properties is how to seal the deal.
In other words, since normal real estate financing is not provided, one must essentially cash put when it comes to these properties.
If you stop to think about it, there are numerous ways to raise the necessary cash to complete one or more of these purchases. You can solicit investors to join with the premise that they will be compensated once the property is sold or when you obtain permanent financing. That’s just one example, there are many others.
Bank Owned Properties are well worth any tribulations one has to go through to obtain these deals because of the major discounts. You can expect to receive unencumbered title deeds upon purchase and the discounts hover around thirty percent and can go up seventy percent and some cases, even more!
It is virtually impossible to find properties on the market priced lower than bank owned properties. Not foreclosures. Not pre-foreclosures. Not short sales. Not even Sheriff sales and delinquent tax lien sales.
One other crucial point is, there are no redemption periods where bank owned properties are concerned. In many states, when it comes to foreclosures, the homeowner has a mandatory redemption period.
During that time, they can actually buy recoup their home as long as they pay the penalties, fees and interest. Bank owned properties have already cleared that redemption period and that is another reason why REO department managers are eager to move these properties.
As stated previously, whether you are seeking an owner occupied home or an investment, this is the absolute perfect time to purchase bank owned properties.
Joel Marks is a real estate investor who invests in Cheap Houses For Sale, Foreclosure Homes, REO Properties and markets properties by selling Lease To Own Homes and Owner Financing properties. He specializes in helping Americans avoid foreclosure. If you are in foreclosure or facing foreclosure, help is available.
Facts | Improve Your Credit Score | Credit
Counseling & Debt Managment