When some people hear of bank owned properties, the first thing that comes to their minds are damaged properties. However, here in my service areas, the majority of the properties are in good condition. Some are even brand new construction with tons of upgrades.
In addition to offering these properties for sale below market value, many banks are adding on incentives if the buyer is willing to close by a certain time-frame. Some banks are even adding to the buyers closing cost.
So if you are in the market to buy, take advantage of many of the bank owned properties out there. Some people believe that bank owned properties are sold with titles that are not clear. That is far from it. Many banks before they even put a property on the market, they have their title companies check on the title to the properties and find out what liens are on these properties. By the time the new owner closes on the property, they will receive the title free and clear from all outstanding liens.
So yes, there are many advantages to buying a bank owned property.