ADVANTAGES: PRICE and SELECTION. You can buy property at huge discounts that will likely produce nice capital gains for you in a fairly short period of time. The area was signifcantly over built and over hyped. The are a lot of very good properties available for next to nothing.
DISADVANTAGES: 1) Lack of disclosure. The bank will know nothing about the property or the subdivision and it is very difficult to get reliable information. 2) Condition of the property. It is very rare to find bank owned properties in excellent condtion, some require a huge amount of work. A through inspection is a must. 3) Speed of the transaction. Good bank owned propeties go fast and you must be able to make decisions very quickly.
I've helped my clients close on several bank owned properties in the area in the past couple months. Take a look at my website and if you like my approach to real estate, then I'd be glad to help you as well.
Weichert, Realtors - Hallmark Properties... more