Working with bank-owned homes?

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.

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May 16, 2020 12:38 AM

Member

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.

May 17, 2020 6:06 PM

Member

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.

May 17, 2020 10:36 PM

Member

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.

May 19, 2020 12:16 AM