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Bank owned properties, also known as REOs (Real Estate Owned), are very common and can be a great investment for a perspective homeowner. When a person has fallen behind in their mortgage payment and collection attempts have failed, the property returns back to the bank that provided the financing. Banks need to quickly recover the unpaid balance. The property becomes available for purchase through a bank owned property auction.
Once a bank has foreclosed real estate, it is very common for them to choose an auction house to represent them in the sale of the property. Usually the bank will reduce the sales price resulting in a great buy for perspective homeowner. Most banks owned property is sold "as-is", which means the back is not held responsible for any repairs or anything else.
There are several precautions that need to be exercised when purchasing an "as-is" property. Usually the perspective buyer can look at the house to get an idea of what repairs need to be done. It is important not to look over any details or concerns.
Auction.com offers a wide variety of REO properties ranging from properties that are ready for living to investment purposes. Many times cosmetic repairs are needed but also there may be other latent defects that can't be seen with the naked eye. These types of repairs can be very costly if they are not taken care of the property needs to be inspected once it has been decided to purchase it. It would be wise to have a professional real estate inspector inspect the house from top to bottom to make sure the buyer is aware of all issues and repairs. No one likes surprises; especially costly ones.
All necessary information is readily available to help you and explain the process and what needs to be done order to bid on the properties for sale. Also, it is very important to verify the payment methods accepted and when it is expected to make payment.
It is very important to have financing ready and completed before you make a bid. The auction process can go swiftly. Also, it is important for the buyer to decide how much he/she is going to spend when bidding, so as to not go over budget.
Many current homeowners have been very successful purchasing through REO property auctions. The excitement of the auction along with the potential pretty price tag helped many find the home of their dreams.