Some Thoughts About Buying Bank Owned Properties

1. Look for BANK OWNED homes in the Winter! Looking to buy a Eureka, Arcata, Fortuna or McKinleyville REO (Bank Owned) home? REO homes are often “winterized” with the power & water off. This makes them COLD and DAMP during the winter. Hearty souls can beat the competition by shopping mid-winter and get a bargain.

2. DECORATE LATER. Purchase at significant savings then bring in your contractor after closing. REO homes are sold AS IS (torn carpeting, water damage, missing appliances, etc.). Occasionally you can negotiate for repairs on major issues (leaky roofs for example).

3. Easy close. Close in a month. REO homes can close quickly. Purchase is much easier than you might think! FHA financing is available and title is clear. Liens that might have been a problem at auction are cleared out. The home is ready for you to buy.

4. NOT ALL REO HOMES ARE CREATED EQUAL Because a home is Bank Owned, doesn’t make it a bargain. Be sure to evaluate WHY the home didn’t sell before the bank took possession, or took it thru foreclosure. Does the home back to a busy road? Is it sitting in a hole? Under large power lines? Careful not to buy a home that will be hard to sell later!

Want to get on my "Hot list" of Bank Owned Homes? Starting next week I will be emailing a weekly update. Just let me know if you would like to be added to the list.