| You've decided to make a bank owned home | | | | mortgage amount and any secondary liens. Depending |
| investment. Do you know where to look for listings? | | | | on the circumstances, it could be well under market |
| Getting a bank owned property can be a very good | | | | value. |
| move, but you want to make sure you have done | | | | Before you plunk down your hard earned cash, get |
| your research on the property and are comfortable, | | | | some information about the home. Why didn't it sell at |
| especially if you're going to be living in it yourself. | | | | auction? It is easier to do an in depth inspection once a |
| A bank owned home is also called an REO property. | | | | property becomes a bank owned home investment. |
| This is a property that's been foreclosed on and could | | | | Make sure you do this with someone who knows |
| not sell through an auction. So now the bank who had | | | | about home repair. You want to have a good idea of |
| the original mortgage owns the property and they are | | | | what it will cost you to get the property to the point |
| trying to get rid of it. Keep in mind that banks do not | | | | where you can resell, rent or live in it. Add up your |
| want to be in the real estate business. Many banks | | | | potential expenses and come up with your price for |
| have websites listing all their bank owned home | | | | the property. Many banks now use outside real estate |
| investments. To come up with a selling price, the bank | | | | agents to close the deals so you wont have to deal |
| that holds the note will add up the expenses that it | | | | with a banker who has limited knowledge about the |
| incurred in getting the property, the remaining primary | | | | home and surrounding market. |