Why Buy a Bank Owned House?
There are many advantages to buying a bank owned property.
- You can usually take possession on the day of close of escrow. Many regular home sales give the seller an additional 3 days to move out after the close of escrow.
- The bank or lender that owns the property may be willing to pay for the appraisal and the credit report, if you finance the property through them. Some banks may offer additional financing options that make the loan more affordable.
- After a property becomes an REO, taxes are paid up and liens are removed.
- Bank owned properties are typically priced to sell. You won't usually find any that are overpriced because they obtain an independent Broker Price Opinion that gives them a realistic market-value sales price.
- You can have an independent property inspection done by the person of your choice to evaluate the condition of the property. By contrast, properties sold at a foreclosure auction typically do not allow any inspections, and are sold as is. Buyer beware of foreclosure auctions.
- Often, the bank will agree to pay some of the buyer's closing costs. It is a negotiable item that they are receptive to consider.
- The bank sometimes will provide needed repairs, especially if they are required by your lender to qualify the property for the loan.
FREE List of Bank Owned Properties, with Pictures
Receive a free computerized printout of Bank Owned properties in the Greater Whittier area, including the cities of Whittier, La Habra, La Habra Heights, La Mirada, Santa Fe Springs and Norwalk.
To listen to a FREE RECORDED MESSAGE, Call (800) 385-1585, Ext. 101
Or, go to: http://www.BankOwnedReport.com to order your report.
Bob Willis, Realtor®
Prudential California Realty
16218 E. Whittier Blvd.
Whittier, CA 90603
Phone: (562) 639-9400
Email: bob@willisrealtor.com
Search for your new home online at http://myhome.listingbook.com
Learn more about Whittier real estate at http://www.WhittierWelcomesYou.com.
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