Has anyone has experience with buying a foreclosed home from a bank?
I have the option to buy a property from a bank before it goes on the market and I am not sure if it is good to do or not. It is going to need a lot of work but it is in a good area with good schools and low crime.
Some home buyers are intimidated by foreclosed and bank-owned homes because they often require more renovations — and a different type of negotiation — than other options on the market. However, some REO properties come at a significant discount and, if you’re willing to work through some of the nuances of the post-foreclosure market, you can set yourself up for a great deal.
If you can get the complete rundown and history of the property, it is work investing in. I have bought a few myself. They tend to take a lot of muscle to fix up but once you are done, you can turn over a pretty penny on them easily.
This is something I've seriously considered doing as well.
I think it'll definitely be a lot of work but if you bring the property up to scratch for a low cost, you can make a big profit.