Foreclosed homes - Houses - Bank Property

By
Real Estate Agent with ReMax equity group

Bank owned homes
 These are homes that have gone through the home foreclosure process voluntarily or un-voluntarily. Generally speaking, the lien holder (bank) has purchased the home at the court house steps for less than the money owed (payoff), thus making the property a  "Bank owned property". Most banks have a real estate agent or a agent that markets these properties for a fee. Thus, most are listed for sale in your local multiple listing service.
   In all cases that I am familiar with, the bank will require a letter from your bank or lender giving the "ok" for the purchase of a properties for the amount owed after your down payment.
 You can ask the bank "seller" to pay for closing costs and or for the cost of repairs etc. A Remax real-estate agent that is experienced  in the acquisition of bank owned homes can best represent you the buyer. 

Comments (1)

Robert T. Boyer
FHA Loan, VA Loan, Jumbo Loan,FHA Loans,VA Loans,Jumbo Loans - La Jolla, CA
San Diego Real Estate & Mortgage Loans, Ph.D. | VA Home Loan

Dan, does the lienholder "purchase" the home at the court house steps... or are they simply left holding the bag when no one else bids on the property?

Sep 30, 2009 11:32 AM