There are those out in the world that will tell you that the bank owned homes are the best to buy because they are being sold at a discount.
That conclusion is going to depend on the current real estate market. If the properties are level, declining, if they have been on the market approaching 30 days or have exceeded 90 without selling, they are probably right.
There are several types of distressed properties that we include in our clients real estate search when we are chosen as their Real Estate agents.
Foreclosures – those homes, condos and townhomes that have completed the court process to return a property to the lending entity who was defaulted on.
Short Sales – typically a pre foreclosure property, where the human owners is approaching the bank who loaned them money, in order to allow them to sell the home for less than what they owe.
REO – Real Estate Owned – Bank Owned Foreclosures.
Pre Foreclosures – Properties that have had a notice of default on them and may be approachable by us to obtain as a home to sell to our clients.
Auctions – some are publicized within the channels I monitor for our real estate clients. Some are cash only propositions – if that is our client, then I’m all over this channel when searching.
Tax Lien – While properties of this type are also distressed, they do not come up that often because it takes such a long time for a property to revert to the state. Unless they are completely paid off – but this is very rarely the case. I monitor this channel also.
You will see our foreclosure access points at the top of our Foreclosure Page, at the bottom and you can also gain access by clicking on the photo of the foreclosures on this page.
Call me when you are ready so I may take great care in the representation of your real estate needs. I’m Connor MacIvor with REMAX of Valencia and I’m glad to be of service!