Bank Owned Homes

Let’s face it, if you are a real estate investor in today’s market there is a great chance you will be buying a bank owned home. And there are some key differences you need to understand;

  • Banks really, really don’t care.  The file is handled by an asset manager that makes $14/hr either way.
  • Bank addendums are tedious and written to their total favor.  My favorite is the $175.00 re-key fee so many charge for horrible locks.
  • You may be responsible for turning on the utilities for inspections.  Which means deposits and waiting around 4 hours for the water company to come turn the water on.  If I’m doing it, expect to pay for my time.
  • Now some banks are requiring actual copies of actual cashier’s checks just for the offer!  Outrageous.

I could go on and on.  But the bottom line is there are a different set of obstacles for purchasing a bank owned home.  On the other hand, there can be great equity to be had if you know what you are looking for and what to buy.


Filed under Investment Property

2 responses to “Bank Owned Homes

  1. Seth Graber

    Been reading your blog for a while now. My wife and I are looking to possibly buy a foreclosure in the next 2 years as our primary residence. I know you’re mostly communicating to property investors, but do you ever act as an agent for someone like myself?

  2. I help people buy under the market all the time It’s a great way to buy a house! Just give me a call. 913.568.1579

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