Real estate foreclosure investors have not missed the great inventory of JP Morgan homes. A leading financial institution in the country, JP Morgan offers its slew of foreclosed homes to the market at very affordable rates. The homes are indeed viable investment tools but they can likewise be ideal for first time home owners.
JP Morgan homes are the result of the foreclosure proceedings initiated by the bank against defaulting borrowers. The reason why they are offered back to the market at a much lower cost is because they are sold as is and because the bank only endeavors to recoup their losses to the extent of the mortgage still owed.
Since the bank has no operations in the marketing of real property, these homes are considered non-performing assets that need to be moved quickly to make room for more foreclosure homes expected to come under the bank's ownership.
Perks and Incentives
Banks attempting to sell their collection of foreclosed homes like JP Morgan, take extra pains to make their foreclosed home packages attractive to buyers. They are also quite willing to meet buyers halfway during price negotiations. A typical bank owned home can be bought for up to 50 percent its real value and this alone is enough incentive for buyers. Other than that the homes come with title insurance to save buyers the time and money in undertaking a title search. These homes have clean titles anyway. The bank will likewise handle the task of evicting former occupants sparing new owners from what can potentially be a problematic situation or an awkward one at the least.
When you search for JP Morgan homes, find one that sits in an economically stable neighborhood with access to business districts, good schools, medical centers, malls and recreation areas. One should also determine the price of similar homes in the neighborhood to check if they are indeed getting a good bargain for their home.