Buying Bank Owned real estate can be a great way to get a good deal on a home/property. In order to make sure it is a good deal you need to work with an agent who specializes in this arena. There are many advantages and downsides of buying a bank owned properties, part one of this series will be the advantages of buying bank owned real estate.
* When you buy a bank owned property you are usually able to buy at a great sq. footage price, which is how you should buy any home if you're buying with investment standards. $100/sq. ft. is a great price!
* Once a property becomes bank owned, all liens that were a result of the foreclosure are wiped off and back taxes are paid.
* Banks will sometimes offer financing on the property with better terms than a normal buyer because they want to get rid of the property, but keep the asset and earn interest on their money.