Bank Owned Door County Properties: Are they REALLY a bargain?

BANK OWNED PROPERTIES:  Are they Really a Bargain?

The answer is yes and no.  These properties are sold "as-is, where-is".

I sold another foreclosure last week.  Door County is a secondary home market that was booming with condominium development prior to the recession.  Now, many of these Door County properties are in various phases of developers pulling out, going bankrupt, becoming bank-owned...and I cannot even market my bank-owned properties as being "Bank-Owned" because it's a disservice to the Seller--it becomes known as a "distressed property".  

Everyone is looking for a bargain, but do people realize that even with 20% down and great credit I just may not be able to find you a lender for that condominium you've fallen in love with? FORECLOSURES, SHORT SALES and/or BANK-OWNED PROPERTIES MAY NOT BE THE BARGAIN THAT THEY SEEM TO BE. 

Let's plan to do our research first.  Even with a foreclosure, you are allowed a home inspection.  And along with severe defects, there may be financing issues Many people are becoming more comfortable with ARMS again because rates are so low, but when I get calls to show condominiums and other distressed properties, I really have to do my research first and encourage you to get a home inspection if you make an offer, even on an "as-is, where-is" property.  And, more and more, I feel that disclosure of defects should be the burden of the listing agent.  Some defects are visible to the naked eye of the novice--bad roofs, dangerous exposed wires.  There are also times when you will have to puchase all appliances with your "bargain" bank-owned Door County home.  However, as YOUR Door County Buyer Agent, I will try to help you through the navigation of buying a bank-owned property.

I had a transaction a few months ago where the listing agent was less than forthcoming with information about what was going on, and I felt that was so misleading to the public.  I had another client write on a development that was absolutely unable to obtain financing in any way, shape or form.  Shouldn't this be worth a mention in the MLS?

I have represented my own developments and we WILL informed potential customers or clients that the property would only qualify for an ARM until we had a 90 percent sell out.  You may also be dealing with extensive repairs with any foreclosure, especially if it has been winterized.  The owner/Bank will NOT go through the expense of "de-winterizing" the property.  Unless the property is on public sewer and water, you may take a gamble.

We are starting to have depleted inventory here, but there are still a lot of homes to choose from, and it's a fantastic time to be a buyer for Door County Real Estate.  Visit our site at door-county-properties.com to view bank-owned properties and the entire Door County MLS.

BANK OWNED...for many, it's a time for extreme bargains. But a foreclosure is not always a bargain?   As a consumer, with a Bank-Owned"As Is/Where Is" sale---you may not be able to get financing at all, unless you pay cash in Door County.

Please contact me at shumway.mk@gmail.com for more information on bank-owned condominiums and homes in Door County, Wisconsin.