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Forclosure Sales: Boom or Bust?

Now that banks are having to repossess homesbank-owned property, but can also net the
from delinquent mortgagors, some buyers aregreatest financial gain. Some estimates say
asking, "should I buy a bank owned property"?25% off the original purchase price is
Even with years of real estate experience andcommon. If you want to play the auction game,
knowledge, the best answer here is still: "Ityou'll have to pay cash and you'll have to
depends." Shopping around and knowing theforego any kind of inspection. Auctioned
particulars of each sale are still vital ashomes are truly "AS-IS." There is also no way
they can vary widely from one house to theto avoid the fact that you are profiting from
next. Arming yourself with some basicsomeone else's misfortune with this option.
information on these types of transactionsPeople who are losing their homes may refuse
should also help to give you an idea of theto move out or may damage the property in
risks  and  potential  gains  involved.anger
SHOP  AROUNDSHORT  SALE
Bank-owned or REO (real estate owned)This isn't really a foreclosure sale, but a
properties can vary in condition from damagedsale the homeowner makes in order to ward off
to excellent, and be priced properly (atforeclosure and do some damage control. Also
market) or be a great value. You just need toknown as pre-foreclosure, this is when you
shop around. I have some clients that havebuy from a homeowner before the bank
found absolute gems priced 10% to 20% belowintervenes. You can inspect the house before
market.you buy when you go this route, but be warned
- many of these deals are stalled or squashed
Even after you shop around though, there'sby  the  banks  before  they're  closed.
still a fair amount of risk involved in
buying this kind of property. Most of theREO
homes in this category are sold in "AS-IS"
condition. In some cases, you won't even beThis is when you buy a foreclosure from a
able to inspect the house before you buy it.real estate company. REO presents the least
Banks won't make repairs or be held liablerisk of all three options. You have clear
for damages, mold or the like so be preparedtitle, right to inspect and can get your
to sign lots of addendums exonerating themfinancing in line first. You won't get as
from any responsibility after the sale. Alsogreat a deal as you could by buying at an
the bank tends to place a per diem clauseauction but for many buyers, the reduced
that may cost you $100 per day if you're lateheadache  is  well  worth  it.
in  closing.
One thing I can say for certain: banks NEVER
If you're prepared to accept thesewant to own these REO properties, they just
conditions, I say "Make an offer" and seewant to lend money and collect mortgage
what happens. Basically, there are threepayments. When a property becomes bank owned,
types  of  foreclosure  sales:it's because the borrower has forced the bank
to foreclose, that is it. What this usually
AUCTIONmeans for buyers is a clear chance to
purchase a home from a very willing seller.
This is the riskiest way to purchase



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