A bank-owned home is a home that has completed the foreclosure process and is now owned by the bank. Purchasing a bank-owned homes isn’t much different than purchasing any other home for sale by a regular homeowner. Banks assign asset managers when selling a home. The asset manager is the representative for the bank that makes all the decisions. The thing to keep in mind when purchasing a bank-owned home is that the home is being sold AS-IS. The banks won’t typically fix items within the home. Banks may sometimes fix major safety issues found by a perspective buyer or offer an additional price reduction to offset the cost. Some bank-owned properties may not qualify for all types of financing due to the condition of the property. Having an experienced agent to represent you is important when determining if the home will meet certain lending guidelines.
“Working with an agent that is knowledgeable and experienced in dealing with these types of properties is very important. Brandon and Louis have the knowledge and expertise to help you navigate through the bank’s processes. Call us today to get started on your home search!” — client
