Hi and welcome to another episode of Two Minutes on Tuesday, I'm REALTOR Sam Miller of REMAX Stars Realty and this weeks topic is about buying a Knox County Ohio Bank Owned Home. A lot of people recommend to 1st time homebuyers that they may want to buy a foreclosure listing. These type of listings can be deals but in a lot of cases this can also turn out to be bad advice especially if you are short on cash or wanting to buy a bank owned homes using little or no money down.
In my experience, a high percentage of bank owned homes in Knox County Ohio are in fair to poor condition which is understandable because most bank owned homes are actually foreclosures. If the owner couldn't afford to keep up with the mortgage payments, there is pretty significant chance they also couldn't afford to keep up with basic maintenance and repairs. If the roof was leaking while they were living in the home it is likely that there is significant damage inside the home now that the bank has repossessed the property. This example is not uncommon and the reason that I share this with you is because if the home needs a roof replaced or mold removed... it makes it difficult to finance especially on a first time home buyer loan or government style loan such as FHA, VA or USDA financing. Most home loans today have specific requirements when it comes to the condition of the home and many bank owned homes honestly will require repairs in order for the home to qualify.
We have had tremendous success over the years helping qualified buyers purchase bank owned homes in Knox County Ohio. One of the most important things to do is to work with an experienced real estate professional who has experience dealing with bank owned homes and who has sold a lot of them. An agent who is experienced in selling real estate foreclosures understands the condition requirements, the rules of financing and the appraisal requirements. If the bank owned home has safety issues or repairs that will be required in order fo you to obtain a mortgage on the home, you want to know this BEFORE you spend $500 or more on an appraisal and lose your hard earned money. An experienced home buyers specialist from The Sam Miller Team will be able to help you head off unexpected surprises. Our team can also help you with recommendations with vendors, contractors, inspectors and we can put you in touch with reputable mortgage lenders who are experienced and understand the unique requirements when it comes to buying and financing a bank owned home in Knox County Ohio.
Bank owned homes aren't for everyone and if you are looking for a "Move-In" condition home, you will likely be disappointed with what you find. However, If you are handy, have some vision, willing to make some improvement you will likely be able to pick up a great deal on a bank owned home and build some quick equity.
If this sounds like something that would interest you, give us a call 740-397-7800 and our team will be happy to help explain the process of buying a bank owned home in Knox County Ohio. Contact The Sam Miller Team of REMAX Stars Realty 740-397-7800 SamMillerSells.com
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