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!