Bank owned homes, cars and boats.
Your online source for acquiring lender owned real estate, cars and boats
for pennies on the dollar.
new investors may be a little cautions about buying properties
directly from the bank or lending instituion. Given the state of the economy a mortgage
company, credit union or savings and loan may be perfect place to find
the home of your dreams or the best deal on a number of properties.
The overall goal of foreclosing on a property is to allow the lender is
to gain possession of the property in default. The financial goal is the
get the largest portion of money due to the lender because of the
default. This usually includes the principal loan balance, accrued
interest, late fees, penalties, taxes, court costs and attorneys' fees.
Once title is gained the a bank (or any other lender) can do with the
repossessed property what it chooses. As the new legal property owner,
the lender can sell it, keep it, rent it or develop it. Over the years, most
lenders have developed effective methods of selling their REO's (real
estate owned) in an efficient manner with minimal loss.
Finding the proper channel to identify these properties is crucial. Practices and procedures
will vary greatly from lender to lender. Some widely market their
inventory of REO's and bankowned assets, while others practically hide them.
Lenders are in the lending business, not the real estate management
business. Many lenders will establish a predetermined price for the property and will
not consider offers for less. Other lenders dispose of
their own properties through individual listing and websites. Given the
continuing deterioration of the real estate market, more and more
inventory is being offered through numerous outlets.
Many lenders with larger inventories often have a staff dedicated to
analyzing and managing the properties, while at the same time
coordinating and managing the brokers retained to market the properties.
The lender determines the strategy and the broker markets the properties
Buying from a bank or lender is fairly easy, and less of a headache than other
investing methods because it involves less complications and risks.
If your goal as an investor is to purchase and rehab existing property.
you can realize a tidy profit. You can buy
a distressed property at a discount and earn a handsome return by doing
what the bank cannot. If you are a home
buyer looking for a personal residence, you should seek a home below market value with
attractive financing from the institution (low down payment, interest rate and closing costs).
This site is designed to help you identify opportunities, negotiate
attractive terms, and identify the differences that a bankowned property
real estate market continuing its downward slump, there will be
thousands of thousands of REO's coming to market over the next few
years. They say that the prudent investor makes their money when they
purchase the property, not when they sell. We hope that you'll find the
resources of this site useful in attaining that goal.