Bank owned properties:
Many believe that a bank-owned home or one going into foreclosure is a great deal! Many times they are.
Beware however, when purchasing these types of homes that they are in "as is" condition, in other words "buyer beware". Many times there is damage to frozen pipes, furnace issues, and the list goes on. The investment may not be worth the risk. Because banks hire their own appraiser, they list these homes for market value and then wait as long as it may take to sell them. If you don't mind hanging on to them for awhile to re-coop some equity then this a is a great way to invest!
Make sure you hire an agent to price the home in its current condition and then what it would sell for all fixed up! You may be surprised at the difference and quite pleased, or just surprised and walk away. Sometimes banks hire an out-of-town appraiser that doesn't know the local market and the home is overpriced.
For more information or to be placed on an email list for periodic foreclosed homes, call or email me today!