How To Buy Bank Owned Property
1. Find the Right Property
Some properties have been on the market for ages and have had very little care over that time. Most banks will only send someone in once per quarter to take care of a property that went into foreclosure or was returned to them through abandonment. Look for a property that just got onto the market so that you'll be less likely to need to invest into an extensive renovation.
2. Look For a Great Deal
If you find a property that looks interesting, then take a look at the assessment of that property. Compare it to the price that is being offered and you'll be able to get a gauge of how much work might need to be done. You'll also be able to see how much potential a property actually has!
3. Contact the Real Estate Agent
Even the property is owned by the bank, you'll need to speak with a real estate agent to begin the purchasing process. There will be a listed agent on the property, either with a sign or a note that has been placed on the exterior door or interior front window of the home. If you don't want to deal with that realtor, just get the MLS number of the home and then approach your preferred agent to begin the sales process.
4. Secure Funding
Unless you've got the cash on-hand to purchase the property right now, you'll need to secure some sort of funding in order to close on the property. Many banks that own a property are willing to be a little lenient with their lending terms if you have the reputation of being a solid investor who is responsible with money. Otherwise approach your preferred lender to get the deal that you want.
5. Go Through Closing
If you get the financing package approved and the bank has accepted your offer, then you're ready to close on the property. This process generally takes about 30 days from the initiation of the loan and you'll meet with all of the parties involved at a title office. You'll be signing all of the paperwork for the home, present payment for any costs or fees that are your responsibility, and then when the process is over, you'll be given the keys to the property.
A bank owned property is a way to get a great deal on a good home. If you're willing to fix up that home a little bit, it could be an amazing asset for you and your family for years to come.
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