| Bank owned property could also be called REO. The | | | | am assuming you already have a lender letter or hard |
| reason a bank would own a property is because the | | | | moneylender letter to provide to the bank. |
| homeowner lost the home to foreclosure and no one | | | | 2) Start getting the listings from different real estate |
| bought it at the auction. How do you find great deals | | | | agents that work in the area that you want to buy. |
| on bank owned property? | | | | Most agents will have access to the list of bank |
| In today's market with so many foreclosures it is | | | | owned property that can be emailed to you every |
| easier to find nicer homes discounted at 25% to 35% | | | | day. |
| off of retail price. You will still have to look around to | | | | 3) Move quickly to view and put an offer on the house |
| find the truly great deals. There are a lot of people | | | | if you really like what you see. Property that is |
| who have caught on to the discounted properties in | | | | discounted does not sit around for too long act fast. |
| good areas so those properties will move quickly. | | | | 4) Make sure you get an inspection if you are a first |
| Bank owned property can offer great discounts you | | | | time home buyer, these homes can have alot of |
| will have to put a game plan together so you can | | | | damage that is why they are discounted. Investors will |
| move quickly to buy. Here is a game plan to find and | | | | know what they are looking for and can get an |
| buy bank owned property. | | | | inspector if needed. |
| 1) Get pre-qualified for a loan if you are looking for a | | | | 5) Keep repeating the cycle of looking for homes until |
| bank owned property to live in. If you are an investor I | | | | you find what you are looking for. |