| Century 21 Real Estate is a worldwide organization | | | | buyer is required to obtain pre-approved financing and |
| offering residential and commercial real estate. Century | | | | provide proof of funds at the time of their initial offer. |
| 21 Realtors are independent agents who either own a | | | | Many real estate owned foreclosures sold through |
| franchise office or work as a representative for the | | | | Century 21 Real Estate are sold "as-is." The buyer has |
| franchise owner. With the abundance of foreclosure | | | | the right to obtain a professional real estate appraisal |
| properties, many Century 21 Realtors now specialize in | | | | prior to closing the deal. Should the appraisal expose |
| bank owned foreclosure properties. This type of real | | | | significant problems with the property, the buyer will be |
| estate transaction requires specific knowledge and | | | | given the opportunity to renegotiate their offer. |
| skills in order to produce successful transactions. | | | | Two noteworthy benefits of purchasing bank owned |
| Many Century 21 Real Estate websites publish bank | | | | foreclosure properties through Century 21 Real Estate |
| owned foreclosures directly on their website. Details of | | | | include the properties are free of liens and no buyer |
| distressed properties include property location, square | | | | premiums or commissions are paid by the buyer. |
| footage, amenities, asking price and the name of the | | | | Many Century 21 real estate agents specialize in |
| agent in charge of the foreclosed property. | | | | working with private real estate investors interested in |
| There is considerable difference between | | | | purchasing distressed bank owned real estate. Other |
| bank-owned foreclosures and foreclosure properties | | | | Century 21 Realtors specialize in working with banks |
| sold through auctions. Bank foreclosures are | | | | and asset companies who have multiple foreclosure |
| oftentimes referred to as real estate owned (REO) | | | | properties for sale. |
| properties. When properties are not sold through | | | | Additionally, several Century 21 real estate agents |
| foreclosure auctions they are returned to the bank. | | | | offer numerous real estate services including listing and |
| When the bank takes possession of the property, the | | | | selling bank-owned properties, maintenance and |
| mortgage note becomes void and the bank can sell | | | | security of distressed properties, eviction proceedings, |
| the property for the price they desire. | | | | interior and exterior clean-up, and maintaining utilities |
| Foreclosure properties sold at auction are notorious for | | | | while the property is up for sale. |
| having creditor and tax liens attached to them. When | | | | Bank owned foreclosures are nearly always sold |
| individuals purchase auction foreclosures they are | | | | close to market value. If multiple repairs and |
| responsible for paying off these liens before they can | | | | renovations are required, REO properties can end up |
| take possession of the property. However, when the | | | | costing more money than they are worth. Therefore, |
| bank takes possession of the property, they negotiate | | | | it's crucial to conduct due diligence and ensure the |
| with involved parties to have the liens removed or | | | | property is a wise investment. |
| reduced. | | | | When investing in bank owned real estate, keep in |
| Another common issue with purchasing foreclosure | | | | mind many people will need to be compensated for |
| homes through auctions is the buyer will be responsible | | | | their time. The bank wants to recoup their investment |
| for evicting individuals still residing in the home. When | | | | price and the Century 21 real estate agent needs to |
| buying bank owned foreclosures, the bank initiates | | | | be compensated for their efforts. |
| eviction proceedings and the previous owner (or | | | | One way to avoid the middleman is to seek out |
| tenants) will be evicted before the property is placed | | | | private real estate investors who purchase bank |
| on the market. Therefore, bank owned foreclosure | | | | portfolios. By buying in bulk, investors can purchase |
| properties are generally less stressful to deal with. | | | | distressed properties at wholesale prices and pass |
| Buyers interested in purchasing bank foreclosures | | | | their savings along to you. It's not uncommon to |
| listed through Century 21 Realtors are required to | | | | purchase bank foreclosures from private investors for |
| adhere to certain financial arrangements. Typically, the | | | | as low as seventy cents on the dollar. |