As many of you probably already know, bank owned properties come in a wide variety of conditions. From pristine to tear downs. What some agents new to the business may not be aware of, is the condition can directly affect the ability to get financing. On Sunday I showed property to a couple who are looking for an investment property they can fix and then use for a few years until the market turns around and then sell for a profit. Because of their needs, bank owned properties are right up their alley.

This is where the trouble comes in. The couple are highly qualified and have a substantial down payment and great credit score. But, since many of the bank owned properties they want to purchase are in various states of disrepair, they are deemed uninhabitable and getting financing is very difficult if not impossible. So,it looks like we will have to change the character of our search and find a property that is in need of cosmetic repair and still deemed habitable. If you have any suggestions, I would love to hear them.

www.bigbearreo.com