Bank-owned property can be a good choice for first-time home buyers, individuals looking for an affordable second home, and real estate investors. Bank foreclosures can also consist of commercial real estate and raw land, making an affordable option for business owners and developers.
Bank-owned property is generally sold through each lenders loss mitigation division. Some banks enlist the help of local realtors to manage property showings and accept purchase offers. Negotiating the rob price is often the most challenging aspect of buying bank-owned real estate.
Mortgage lenders incur substantial financial losses through the foreclosure process. It is not uncommon for banks to lose upwards of $60,000 per foreclosed home...Read More