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

Member

I don't buy homes, I just work on getting them sold. I know that there are methods for working with foreclosed homes though that are promising. There is a book on Amazon, I can't remember the name, it might be useful for you. I'll try to find it again and link it here for you.

July 26, 2020 2:09 AM

I have worked with two. One was won by a buyer who regretted it purchase. He essentially paid $27,000 for a home that needed over $140,000 worth of work done to the home, the land, and everything in between. I was able to get back his money and a little more. Sold it for $35,000 but it took along while.

August 2, 2020 1:30 AM