Yes, foreclosure rates across the country continue to drop, yet Brooklyn bargain-hunters can take heart: there still remain a goodly number of bank owned properties in Brooklyn. According to the National Association of REALTORSÂ®, distressed homes accounted for 24% of national December sales; a large proportion, but significantly down from the 32% of just a year ago.Â Also known as â€œreal estate ownedâ€ (or REO) properties, it is well-known that these homes can often be bought at a significant discount - frequently by as much as 16% â€“ 17% below market.
Before anyone updates his or her Facebook status to tell the world about the millions they are about to make by â€˜flippingâ€™ Brooklyn foreclosures, itâ€™s good to bear in mind some key differences between buying regular homes and bank owned properties. To make an REO purchase successful, potential buyers need to plan for those special factors.
All of which goes to the point of how buying bank-owed properties in Brooklyn differs from run-of-the-mill home purchasesâ€¦and why having a real estate agent well-versed in bank owned properties is so important.Â If you would like a look at the options currently available among Brooklyn REO offerings, give me a call today!