Thinking of Buying a Bank-Owned Home in Davie?

Real Estate Agent with South Florida Home Solutions

Thinking of Buying a Bank-Owned Home in Davie?


Even though the bulk of the housing crisis has passed, you'll still find more bank-owned homes than usual for sale across the country. Even in the best of times, there are always a few.


Bank-owned homes here in Davie do usually offer good value for the money. The owner wants them sold and has no emotional attachment to prevent reducing the price if they don't sell quickly. Whether they're right for you depends upon whether you're willing to deal with a bit of clean-up, fix-up, and uncertainty.


Some banks will do initial cleaning, and some will actually make repairs and other improvements. A few people who lose their homes to foreclosure do consider it a point of honor to leave everything clean and in good condition.  


However, when you choose to shop for bank-owned homes, you should be prepared to spend some time getting the house in shape before you can move in.


Then there's the uncertainty. This comes from not knowing the home's history.


Because the owner – the bank – has never occupied the home, they aren't required to provide a property condition report. Thus, any lurking problems are yours and your home inspector's to discover.


Next, since no one involved has ever lived there, there's no one who knows all about how to operate the various systems. If the furnace has some quirks – they’ll be yours to discover. If you need to find a hidden valve in order to use the sprinkler system, it will be up to you to search for it.


I do have a list of vendors you can call on if the investigation has you stymied.


So before you decide you want to see bank owned homes here in Davie, decide whether you are willing to deal with the uncertainty and whether you need a move-in ready home, or will enjoy the fix-up.  


Whatever you're looking for, I'm here to help you find it, so give me a call at 954-779-6106 and let's get started!


Michael Peron



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Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

There are some great deals out there but it is important the buyer do some research and be prepared for the unknown!

Jan 26, 2017 08:23 PM #1
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Michael Peron

Michael Peron, Dave Florida Real Estate
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