I advise my clients who are interested in really good deals to buy bank owned homes. Why? The short answer is that banks are in the business of making money, not selling homes. This means that typically, they want to sell a bank owned property fairly quickly, instead of letting it sit around and paying property taxes on it, etc.
When You Buy Bank Owned Homes in Today’s Northern Virginia Real Estate Market, Don’t Expect The Bank to Give the Property Away
After the financial crash of 2008, credit tightened and buyers found it very difficult to get home loans. The number of homebuyers in the marketplace fell, and prices fell too. The number of foreclosures in Northern Virginia increased, and banks often had to let their properties go for huge discounts if they wanted to sell them.
Now, the Northern Virginia real estate market has improved a lot, and as a result, foreclosures have declined. The overall inventory of homes for sale has decreased creating sellers markets in a lot of different areas, especially in heightened home buying seasons like the spring. What does this mean if you buy bank owned homes? It means that you should expect to get a discount, but not necessarily a steal.
Read Part 2 of my blog series on what to expect when you buy bank owned homes in Northern Virginia.
Search bank owned properties online
Email me at DarrenRobertsonHomes@gmail.com for a free list of bank owned properties in the Northern Virginia area of your choice. I sell a lot of these types of properties, so I can share with you all of the advantages and disadvantages of these sales versus standard real estate sales.