CA REALTY NETWORK
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A bank owned home, also called an "REO", most commonly refers to a property that has been taken back from a homeowner through the foreclosure process, but can really refer to any property owned by a bank or lending institution.
Just like any other type of sale, bank owned homes can sometimes be great buys. They are not always cheaper than other homes, however, so properties should be evaluated on a case-by-case basis. This is when our experience in our local real estate market comes in handy. We will be able to advise you on the value of any local property. As part of their preparations to sell a property, a bank will always get one or two appraisals and will expect to sell the home for a certain percentage of market value. It is becoming less and less common for banks to sell properties at highly discounted prices.
Buying a bank owned home is always like dealing with a large corporation - your offer will most likely be treated like a number, and you or your Realtor may never deal directly with the investors making decisions about pricing or negotiation for your purchase. Our experienced agents have dealt with many bank owned home sales, and bring a wealth of expertise and negotiation experience to the table.
Bank owned homes usually need some work to get them into good shape before the bank can list them on the Multiple Listing Service. In most cases, the previous owners did not care for their property before it was taken from them. The good news is that most banks will pay contractors to rehabilitate the property before they list it for sale, so by the time you see it, it is in decent shape.
Banks always hire a Realtor to list and sell their properties. Banks are not set up to sell properties themselves, so they rely on the local expertise and sales power that a Realtor can bring to the transaction. To buy a bank owned home, you or your Realtor will have to deal with the Realtor who has listed the property.
We maintain a list of local properties that are bank owned and available for purchase. If there is a great deal out there, we know about it! Call our offices or fill out the form below and we will contact you immediately to start the process.
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994 W La Costa Dr N101 2 beds / 2 baths $90,000 |
16333 El Centro St 3 beds / 2 baths $90,000 |
1436 Cliff Dr 0 beds / 0 baths $90,000 |
3599 Lake Glen 276 2 beds / 2 baths $90,000 |
