What Is the Best Sources of Bank Foreclosures List
What Is the Best Sources of Bank Foreclosures List
There is a good chance that a bank foreclosures list is tucked away in your very own bank. The sad result of the housing crisis is a high number of foreclosure proceedings that banks have to undertake to recover their losses. Since banks do not really operate in the real estate industry as property managers, these homes are tagged as non-performing assets and as such are a drain to the bank's resources. There is no other recourse for them but to sell off these homes in the quickest time possible.
And this is why any bank foreclosures list is not that difficult to obtain. Your own bank will only be too happy to show you theirs and even walk you through the process of purchasing one. Obtaining the list is as simple as asking for it. Banks usually have a team handling their inventory of foreclosures homes. They would normally appoint a licensed real estate agent or broker operating locally to sell these homes. But they may make an exception for valued customers.
Advantages of Bank Foreclosures
Bank foreclosures are also called bank-owned and real estate owned or REO properties. They are an ideal investment tool because of the low asking price, which may still be negotiable under certain conditions. Buyers considering bank owned homes can enjoy several perks and value added services. This is all part of the bank's effort to encourage buyers to complete a purchase. Some of these perks like a pest certification and a title insurance already takes care of some of the incidental expenses that come with buying foreclosures.
Your bank may even be willing to provide the credit facility through which you can pay for the property. You need not worry about evicting former occupants as well since the bank will take care of that matter. Sometimes banks carry out minor repairs on the homes and an appraisal is almost always a part of the package.
So if you want to get your hands on a good bank foreclosures list, you need not go very far because your trusted bank may just have all the answers you need. Of course, you can also subscribe to reputable foreclosure lists providers in order to enjoy a larger selection of bank foreclosed homes.