subject: Examining Bank Owned Homes Location [print this page] Examining Bank Owned Homes Location Examining Bank Owned Homes Location
Bank owned homes can be purchased for a very low price, especially if the buyer knows how to negotiate and to identify the areas of the transaction that serve as banks' weaknesses. However, some buyers become so busy worrying about prices, home condition and other aspects of the house itself that they forget the factors outside and around the house.
Which Neighbors to Avoid
Purchasing a home located in an area with shopping malls or gas stations as next-door neighbors is not a good idea. Most people who go to these places will likely consider any neighboring structure as a public space where they have every right to loiter. Living next to gas stations also involves the experience of huge trucks driving by during the middle of the night while they honk their horns or leave their engines idling.
Houses near railroads and freeways are also not great deals. Aside from the noise, a passing rail transit can sometimes get a structure shaking, plates rattling and other items in the house bouncing. It would be like living in a place constantly visited by a minor earthquake.
Economic Considerations
Before buying bank owned homes, a buyer should always try and find out how many neighbors live nearby or whether the houses nearest the property are occupied. Knowing who occupies them is also important. No matter how cheap a residential property is, buyers should never buy into an empty neighborhood since crimes are most likely to occur in deserted neighborhoods.
Also, homebuyers should consider the economic condition and potential of the community where the house is located. Do residents have enough opportunities to get employed? If they do not, they will likely leave and the neighborhood will eventually suffer. In addition, the more working residents there are, the less chance that crimes would occur in the community.
Buyers who are planning to purchase bank owned homes should always look beyond the house itself. The condition of the neighborhood and the surrounding areas should be considered before making a final decision.
