Whatcom Home Stats: What is a Bank Owned Property?

What is a Bank Owned Property?

What is a Bank Owned Property? 

A bank owned property is a property that has been foreclosed on...has gone to auction and the bank has taken it back and now owns it.  Often times the bank will make certain repairs to make the property more attractive.  Once the property has gone through the foreclosure process, most liens attached to the property will automatically be wiped off or the bank will settle with the lien holders.  This is an advantage over buying a pre-foreclosures.

Often times bank owned properties are priced at Fair Market Value, although they aren't in fair market value condition.  Make sure you work with a Realtor that is willing to negotiate the correct market price for the property condition.

Specializing in Whatcom and Skagit County Bank Owned Properties, Short Sales, Lease Options, and Seller Financed Properties.

Comment balloon 2 commentsTara Camp • September 23 2008 11:47PM

Comments

Hi Tara, I appreciate your letting buyers know it's not a cake walk! Be prepared to negotiate your behind off!

Posted by Susan Templeton about 9 years ago

Thanks for the comment Loanetter,

Yes, I realize it's not a cakewalk, but really is any transaction?  I educate all my buyers and try to negotiate the best price regardless of whether it's bank owned or not.  So I'm usually negotiating my behind off, but that's part of the business.  Also, I enjoy eating quite a bit, so it helps shed the pounds.

Thanks again!

Tara

Posted by Tara Camp (Keller Williams Western Realty) about 9 years ago

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