Bank owned properties are in demand, so more often than not, you need to write a strategic offer. Also know that some bank-owned properties won't even qualify for a loan at all, if you're using financing, due to physical condition, and/or financial condition if the ownership is a condominium.
Hope this helps!
If you are talking about Bank REO's/Foreclosures then you may wish to Browse the sites Created by the Banks to Provide the Public with information about Properties Available, Loan Options, Bid/Purchase Process and more....Sites like
Bank of America...http://bankofamerica.reo.com/search/PropertySearch.aspx
You can find the Links to the Bank Sites and more info here....http://www.biggerpockets.com/bank-reo.html
If you are interested in Fed Gov. Foreclosures/Properties for Sale then you may wish to Check ?Out the Fed Gov. Sites created to Provide the Public with access to information.....Sites like
You can find the links to the Fed Gov. Property for Sale/Foreclosure sites here...http://portal.hud.gov/portal/page/portal/HUD/topics/homes_for_sale
For Information on Tax Sales or finding Public Records give this a look...http://publicrecords.onlinesearches.com/Foreclosures-and-Tax
As in anything use Due Diligence...You can always check out Auction Resources...Like
You are getting all the right advice. All I can add to that is to checkout HomePath.com. I have helped a number of people get into these properties with a low down payment and great terms.
Give me a call if you have any questions. (858) 829-2931
Keller Williams Realty
As Lou stated below, it's the best call to contact a Realtor and develop a working business relationship with them and simultaneously become educated through them about foreclosures on the market and those coming. Even more important, they will help navigate you through the often complicated process making it as smooth as possible. It's especially important that they specialize in the area and have local knowledge. If I can be of further assistance, feel free to contact me as Encinitas is one of my specialty areas in North County that I know and love.
Jill Wheeler, Realtor
Willis Allen Real Estate
The Foreclosure process starts when a homeowner cannot pay the mortgage and ends when the home is resold.
The three stages of Foreclosure are: Pre-Foreclosure, Auction, and REO/Bank Owned.
Pre-Foreclosure is the time period a homeowner has to repay the delinquent amount of the mortgage.
If a homeowner does not pay the mortgage the home is auctioned
If the bids do not meet the reserve the lien holder (bank) reclaims the property and it becomes a Bank Owned REO.
The best way to buy foreclosures or any other properties is to find a local real estate agent. He or she can help you locate the property you are looking for and negotiate the best price and terms for you when it comes to making an offer. I would be more than happy to give you names of agents in your area, should you need someone. Just email me at email@example.com.
Best of luck in finding your new home.