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Buyers Due Diligence when buying a bank owned foreclosure
Do your due diligence when making an offer on a bank owned property. Everything should be taken care of by your agent, bank and title company. Sometimes you never know, somethings might fall through the cracks.
Here are a few things to check on
- Get a property inspection, enough said.
- Make sure to follow up with the city on Truth In Housing requirements. Some cities don’t have Truth In Housing.
- Contact the city for current tax and assessment information.
- Make sure no squatters or renters are occupying the property. (It happens, I’ve heard stories)
- Is there a well or septic tank on the property? Verify with county or city regarding requirements.
- Check with the homeowners’ association, if there is one, to see if there are any delinquent dues, transfer fees and any assessments.
- Call the city and county to find out about any assessments for unpaid utilities, sewer and water bills.
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Search bank foreclosures now available
Now available on this site is a new foreclosure search that allows you to search foreclosures. I have gone through and created links to individual cities for a hyper local search or you can start your own REO search.
What makes this so good is the optimized map search that is blazing fast by Diverse Solutions. Well, that’s not the only thing that makes this so good. Get neighborhood information if you unfamiliar with the area, see what kind of local amenities are nearby.
Create an account for free to save your searches for review later. If you like RSS feeds, subscribe to new listings via a RSS feed. A wide variety of tools are available in the search as well such as mortgage calculators, school info and your very own Zestimate from Zillow.
Having trouble finding what you are looking, chat with us in real time when it is available via the live chat feature located at the top of the search box. So there you go, knock yourself out and happy REO hunting!
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Good find on bank owned foreclosed homes becoming cheaper
With the amount of foreclosed bank owned homes on the market, here is a good article on Newsweek about lenders making homes even cheaper
Bank Owned homes around the Twin Cities are also noticeably a lot less than traditional homes that are for sale. Most REO homes are selling at discounts between 15% to 30% and sometimes more. Banks are starting to get a lot of inventory and there portfolios are only expected to grow.
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