Bank Owned Property

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Bank Owned Property

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    02-28-2009, 10:13 PM
Green Broke
Bank Owned Property

Does anyone know anything about buying a "bank owned property"? Is it any different that just buying from a regular person? I found a smoking deal (at least it looks like it by the price and stuff) but says bank owned. Any opinions are helpful!
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    02-28-2009, 10:22 PM
Green Broke
If it's listed with a realtor, usually it's the same, it's just a foreclosure. If it's an auction property, usually you have little or no change to have it inspected. In either case, you're usually buying 'as-is'.
    02-28-2009, 10:24 PM
It's a lot harder to negotiate with bank owned properties. When you buy from a homeowner, you can usually negotiate repairs, etc into the price, but like Paint said, with bank owned places it's 99% as-is.
    02-28-2009, 10:56 PM
Originally Posted by Dumas'_Grrrl    
With auctions you usually need to go ahead and get pre-approved so that you can actually back up your bid.

I'd call the bank and ask LOTS of questions. They're usually really helpful as they want to unload the place just about as badly as you want to buy it. Just make sure you have your BS filter on and go from there.

Good Luck!!!
    02-28-2009, 10:56 PM
Green Broke
Oh thanks guys! I kind of figured those things, but wasn't sure. It is listed with a realtor. They have it listed for like 65-80 thousand less than market value. We're going to go take a look at it on monday. Thanks guys!
    03-01-2009, 11:23 AM
Green Broke
We bought a bank-owned property in Ontario. If you are not a home-repair expert, it probably behooves you to get the propery inspected so you know exactly what you are getting into. You can get GREAT deals from the bank, but when we bought ours it was AS IS. It did not meet all standards and the bank was under no obligation to tell us what it needed to be up to spec. We bought it and are content with it, but it's definitely not a house for everyone. We have lots of repairs to do, but it's all we could afford at the time and we figured it was better than paying rent.

Good luck.
    03-01-2009, 02:07 PM
Good luck on the property. Ask lots of questions especially about inspections. Definitely have one done out of your own pocket if necessary. It really help to know what your getting into. If its going to need a new roof is one thing, but if the foundation is shifting or something monumental like that its important to find out before you buy

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