Great deals in bank owned homes!

By
Real Estate Agent with RE/MAX Unlimited

Bank owned homes can be great deals. They can be very rewarding or very disappointing. 

Often bank owned homes have been well maintained and only need cosmetic repairs, then again they can require lots of structural and cosmetic work.  Foreclosed homes have a bad rap, but with the abundance of bank owned homes in Jacksonville buyers have no choice but to consider them when looking in particular areas. 

When you're looking at homes, keep in mind that sellers are now competing with foreclosures and short sales because they have no choice. A seller owned home will not necessarily appraise that much higher than a bank owned home. Most bank owned homes are priced at or just below market value. 

Do your homework with your lender to be sure your loan will allow you to purchase a home that may need structural or WDO (wood destroying organism) repairs.  Make sure you know what you're getting into before venturing into a bank owned home.

Be careful, make sure your agent has done their homework and you know the values around the home you're considering.  Nothing would be more disappointing to find out that you purchased a home that required lots of structural and cosmetic work for the same price as a well maintained home.

Research the process, find a good agent and start looking! 

Posted by

Jen and Bob Edwards
Voted 2007, 2008, 2009 & 2010 by Jacksonville Homebuyer Magazine as a FIVE STAR "Best In Client Satisfaction Real Estate Agent (SM)"

RE/MAX Unlimited
100 Corridor Road, Suite 101
Ponte Vedra Beach, Florida 32082
(c) 904.477.0714
(o) 904.280.1115
(f) 904.280.1910
Search homes at: www.buyorsellwithjenandbob.com

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Comments (2)

Suzie Mills
Century 21 Wildwood Properties - Twain Harte, CA

So true, some bank owned homes can be great and surprisingly well maintained. And then others wow absolute garbage.  When it is a good deal and very clean you are lucky cause most need alot of work.  Good advice for the bargain home shoppers.

Dec 29, 2010 07:39 AM
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Hi Jen. Excellent post about bank owned homes! As you have mentioned, bank owned homes are not always a good deal so this post will definitely help inform homebuyers. Thanks for sharing.

Nov 10, 2011 07:36 AM