Properties that are owned by the bank are also referred to as REO, or real estate owned. This is the terminology banks usually use when talking about bank owned property, so if you are approaching a bank to ask about their real estate holdings, it is best to ask to talk to their REO department. Fortunately, you probably won't have to talk to the bank to find out which foreclosure houses they have for sale.
The easiest way to find bank owned foreclosed homes is to contact a real estate agent. Most banks list their properties with an agent just like anyone else who has property to sell. This makes it easy to locate most REO properties. Just search the MLS listings on your favorite real estate website. Many of the lower-priced foreclosed homes are likely to be REOs.
Most banks have a certain real estate agent they use to list their real estate. If you can find out which agent handles a bank's listings, you can let him or her know that you are interested in bank owned properties so that he will contact you whenever there is a new listing.
Another way to find foreclosed homes that are owned by banks is by checking their websites. Banks often post lists of properties that are available. You can sometimes search by state or city, but depending on the bank you might have to wade through hundreds of listings to find what you are looking for.
Bank owned properties are more likely than other real estate to have been mistreated or neglected in the past, so make sure you have a professional inspection done before you purchase one of these foreclosure houses. Homeowners who know they are going to lose their home will sometimes damage the home or just stop taking care of it as well as they should. Banks can also be negligent about taking care of foreclosure houses they own.
Bank owned properties often sell for a discount, so you can end up getting a great deal on your next home by purchasing a bank owned property. These foreclosed homes are also a great way to get into the rental business, so if you have ever thought about investing in real estate, this is a great way to get started. - 29970
The easiest way to find bank owned foreclosed homes is to contact a real estate agent. Most banks list their properties with an agent just like anyone else who has property to sell. This makes it easy to locate most REO properties. Just search the MLS listings on your favorite real estate website. Many of the lower-priced foreclosed homes are likely to be REOs.
Most banks have a certain real estate agent they use to list their real estate. If you can find out which agent handles a bank's listings, you can let him or her know that you are interested in bank owned properties so that he will contact you whenever there is a new listing.
Another way to find foreclosed homes that are owned by banks is by checking their websites. Banks often post lists of properties that are available. You can sometimes search by state or city, but depending on the bank you might have to wade through hundreds of listings to find what you are looking for.
Bank owned properties are more likely than other real estate to have been mistreated or neglected in the past, so make sure you have a professional inspection done before you purchase one of these foreclosure houses. Homeowners who know they are going to lose their home will sometimes damage the home or just stop taking care of it as well as they should. Banks can also be negligent about taking care of foreclosure houses they own.
Bank owned properties often sell for a discount, so you can end up getting a great deal on your next home by purchasing a bank owned property. These foreclosed homes are also a great way to get into the rental business, so if you have ever thought about investing in real estate, this is a great way to get started. - 29970
About the Author:
Foreclosures and bank owned properties are an excellent way of starting to invest in property. Beware though - much of the stock has been on the bank's books for some time now and an inspection is vital. The amount of bank owned property is still growing, and will be a source of income for many over the next few years.
