There are a lot of reasons to buy your Salt Lake Home from a Bank. It doesn't matter if it's a new home or condominium, whether it's a resale or new construction, it just matters that its owned by a Bank.

The main reason of course is PRICE. !!!

One other good reason is,........ it's NOT a short sale !!!

Buying a Bank Owned Home is a lot different than the life changing experience of trying to negotiate the  buying of a short sale.

On a short sale, you offer to purchase the house from the current owner. The home owner then must ask the Bank to accept less for the house or condo than what is owed. Banks have historically drug their feet, causing home buyers to lose interest and home sellers to lose sales.

On Bank Owned Foreclosed properties, commonly called REOs (Real Estate Owned), your Realtor negotiates with the bank either directly or with an experienced Real Estate Broker familiar with market conditions, Real Estate trends, and up to the minute home values.

Banks are very motivated to liquidate REOs, because of the responsibility home ownership gives them. Some obvious ones are; increased cash reserves, property taxes, maintenance, and insurance.

RESERVES:
Banks are required to keep money in reserve equal to or more than the homes they have for sale.

PROPERTY TAXES:
The Banks are responsible for  taxes on all the homes and condominiums they own starting with the date of foreclosure. In the case of Condos, the lender may be responsible for HOA dues and fees.

MAINTENANCE:
The new owner (Bank) must maintain both the interior and exterior of the asset, which can include yard, pool,Etc.

INSURANCE:
Complete insurance coverage on Bank Owned Homes is required. On vacant homes or condos in certain areas  a greater premium is required than on occupied houses.

SECURITY:
The Bank owns it, they must secure it. In some areas, this could require a very expensive security service.

As you can see, Banks lose money every day the REO remains unsold, and on the market. Their loss could be your gain.!!!

To search for Bank Owned Homes, we provide three options make it easier for you.

First, you can visit our web-site @ Salt Lake REO and then browze through the short sales and Bank Owned Homes looking for any listed property labeled as HUD HOME, BANK OWNED or REO.

You can also visit our Blog each day where we load any new listings each morning and publish them.

Finally,  we are starting an e-mail campaign for our clients to notify them when banks foreclose on a house in their price range. So check your e-mails that are labeled "Bank Owned".

You can also give us a call @ 801-567-0946, and talk about anything having to do with Real Estate, and why you should buy your Salt Lake Home from a Bank.  We can Help !!!