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Central Oregon Bank Owned Properties

Many buyers today are seeking Central Oregon bank owned properties. Buyers believe bank owned properties offer a home at a price lower than other homes on the market. This is not always the case.

Bank owned properties in Central Oregon usually come with their own list of issues. Bank owned properties are sold as is generally. The buyer needs to be very careful, every property should have a home inspection prior to closing but with homes that are bank owned should be inspected even more. Here in Central Oregon there are other issues that a local REALTOR® will be able to advise you of also.

When purchasing a bank owned property the buyer will not receive a Seller’s Property Disclosure, the bank knows nothing about the property. HUD homes do have a property report available, but this should never be used in place of your own home inspection.

Bank owned properties can have hidden issues, with winter quickly approaching these properties have a chance of broken (frozen) pipes and more.

Your list of bank owned properties may hold your dream home, but remember there are other homes in these same price ranges that actually may give you a better home at a better price - give me a call and we can go over what there is to choose from in the area you desire and the price range you qualify for.

La Pine Bank Owned Homes

Three Rivers South Bank Owned Homes

Bend Bank Owned Homes

Posted by Central Oregon Real Estate | Broker Thesa Chambers, Licensed in Oregon on 11/16/2008 10:36 PM

Comments (13)

Bank Owned Homes in the Home Buying Channel

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Originally posted at: Central Oregon Real Estate Info: Central Oregon Bank Owned Properties

This post has been included in Oregon Information Deschutes County, OR Information
Post is included in group: It's A Buyer's Market
Post is included in group: RE/MAX Active Rain Bloggers

13 Comments on Central Oregon Bank Owned Properties

NOV

2008

I had one close last month but it was in beautiful condition. Many are not. As usual you give sound advice so the consumer can be well aware of what they need to do.

Thesa,

I have fond memories of days fishing as a kid on the Deschutes river. Thanks for blogging!

Mike in Tucson

Good advice Thesa. A thorough inspection by a professional is always a good way to go.

I think most buyers would be pleasantly surprised to learn that some owner-occupied homes are priced competitively with the bank-owned properties. Why settle for "as-is" when you can buy a home that is NOT condition-challenged?

What lovely photos. LOL. Don't you just love the way the banks go out of their way to make their properties look their best?

NOV

2008

Good info Thesa. Tell me, were all these treasures left in this listing and the bank didn't bother with a "trash-out"?

Thesa, it is so important that home buyers weigh the benefits & risks of purchasing a bank owned home. Great advice!

Gosh Thesa your bank owned properties look like our bank owned properties. It is amazing to me how people leave their homes after foreclosure.

NOV

2008

Thesa, you are so right. Banks are such poor stewards of real estate properties and buyers are usually better served buying a privately owned home.

NOV

2008

Thesa - Some of the properties are prime examples of why Rehab Loans can be a good resource for interested buyers. Good advice, as usual.

Thesa, great information. Some of these homes can be actually scary! I agree with Margaret there are so many homes that bank owns and shorts are on the bottom of my buyer's list

NOV

2008

Thesa- can't tell you h6ow many Buyers I've seen that refuse to get an Inspection, especially the ones that can do handyman work :) I tell buyers to look at everything not just the Foreclosures, but it's a mindset they think these are the best deals.

NOV

2008

It is amazing how many people assume that because the bank owns it, it is a better deal. I know you will help your buyers make the right choice!

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