How to Purchase a Bank Owned Home

How to Purchase a Bank Owned Home

How to Purchase a Bank Owned Home

What is the advantage of bank owned homes? You may wonder why it's worth buying directly from the bank when you can go to a foreclosure auction and buy Phoenix, Arizona or Scottsdale real estate for a much lower price. The difference here is that when you buy Scottsdale bank-owned homes and Scottsdale real estate, you are getting a much "safer deal."

A bank owned home is a home that has already been legally foreclosed and is now in possession of the bank. These are homes that have already been cleared of legal turmoil; there are no liens or back taxes to worry about. These properties are free to inspect, whereas auctioned houses are often not. These houses cost slightly more money than houses in foreclosure, but this extra money covers taxes, liens and sometimes even major repairs.

Phoenix and Scottsdale bank owned homes are also financeable homes. Foreclosed homes must be paid for in full at the auction, and they are basically sold "as is", with no personal inspection guaranteed. Unlike foreclosed homes, with Scottsdale bank owned homes you can usually negotiate with the bank for 20-30% off the price of a normal house. Remember it this way: when you attempt to buy a foreclosed house, you are competing against the bank who is anxious to see what can be done with the foreclosed property. By the time you actually buy a bank owned home in Scottsdale, Arizona the bank has probably already realized the home's limited potential. They are far more likely to let it go at a fair price if they can cover their losses.

How do you buy a bank owned home? First contact a real estate agent for access to the sales on the Multiple Listing Service. Ask for exclusive listings of bank-owned properties. Remember, more than likely, these houses will not be blatantly advertised, at least not when freshly put on the market. If you don't want to go this route you can contact lenders directly and ask to see a list of their bank-owned properties. Ask to speak with someone who works with REOs (real-estate owned property) or repossessed property.

Lastly, once you learn of the property's address drive by and get a closer look. Examine the house's exterior as well as the neighborhood. Take pictures and take detailed notes. Compare the bank's price (which covers various fees) as well as the estimated market value. There are numerous advantages to buying bank owned property over advertised real estate!

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