First Time Home Buyers of Bank Owned Properties
Home Buying Opportunities
 The housing slump has created an opportunity for first time home buyers who were priced out of the market just a couple of years ago. Bank owned properties now account for more than half of all single family home sales in the three counties of El Dorado, Placer, and Sacramento.
Buying a bank owned property is a little different from buying from a private party in that it is strictly a dollars and cents decision for the bank. Banks are not in the business of owning or managing residential properties and they are anxious to get the properties off of their books. They are however concerned that the sale is finalized and escrow is closed. For this reason, they sometimes want all buyers for their property to be pre-approved by a specific lender that they know and trust. In some cases, they will even specify a loan officer at the lender to qualify the potential buyers.
Condition Of The Property
The condition of the bank owned property ranges from very nice to totally trashed and everything in between. 
Banks do not like to do any repairs on the property before it is turned over to the new owner; depending on the bank and property they may be open to doing some work but in many cases they will do nothing. This makes negotiating on an REO property more challenging; and working with an experienced and knowledgeable Realtor will have its rewards. If you ask for too much your offer will go to the bottom of the stack while they look for someone they can work with more easily. If you don’t ask for enough, you may get the home but not at the best price and terms. Contact me today so I can help make buying your first home a fun and rewarding experience. Want more information about REO Property?
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