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Dangers of Buying a Bank Owned Property
Today’s real estate market is distressed at best. This is due to the mortgage meltdown of 2005 – 2006. Of course, there was some speculation that the market would return to normal in 2006 but ever since then it has been in a constant downward spiral. The result of this is that there are now a lot of opportunities available for people to purchase devalued real estate from banks. While all of this may sound great, not everything is as it appears.Bank owned properties are those that the bank has gone the complete foreclosure process with. This means that they have actually taken over the property’s title and evicted the previous owners so that they can sell the property. At this time many banks will turn off the utilities in order to reduce their costs but this also makes it much harder for you to inspect the home’s HVAC, electrical and plumbing systems. You also have to remember that the bank has forcefully removed the previous owners from this property. These people were probably quite upset. Today it is quite common to hear of this resulting in damage and destruction being done to the home’s property, appliances, plumbing fixtures, cabinet and ... more

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