Many of my clients are buying homes that are owned by the bank These bank-owned homes are on the MLS and the bank has clear title to them, so that when the sale occurs, you also get clear title (as you would with any home purchase). That way, you can write and contract and be in the house within 30-45 days.
The huge advantage of buying a bank owned property is that the bank will usually PAY THE BUYER'S CLOSING COSTS!
Closing costs are around 3% of the purchase price of a house. So if the house price was $160,000, then closing costs would run $4,800. When I write the contract to purchase the home, I specify that the bank will pay closing costs. I haven't had a bank refuse to pay closing costs yet! They want to get rid of these homes, which range from $40,0000 to over $900,000, and they discount the value.
Bank owned home purchases are a great way of having some equity in your purchase from the start, since they sell for less than the market value of the neighborhood.
Lately, many bank owned homes under $250,000 are getting two and three bidders. This means that the listing agent is asking each buyer for their "best and final" price. As an agent, I try to gauge the market and advise my clients on the best price to offer.
Ask for your own personal website today to see all of the bank owned homes in your price range. It takes me a few minutes to set up; all I need are the towns you want to monitor and the high/low price ranges.
Cathy Harris 970-691-0368 www.CathyHarrisRealtor.com
I am a Certified Distressed Property Expert!
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