IS BUYING A BANK OWNED HOME A GOOD THING?

Asked by Itsawg, Philadelphia, PA Sat Mar 15, 2014

Help the community by answering this question:

+ web reference
Web reference:

Answers

2
Hilary Lefko…, Agent, Philadelphia, PA
Wed Mar 19, 2014
Itsawg,

There is no easy way to answer this question. Just like everyone's definition of a 'good thing' is different, so is every experience with a bank-owned home. There are pros and cons to purchasing a bank-owned property and it depends on your individual situation. I have worked with many foreclosed properties and I would be happy to share my experience with you. Feel free to PM me and we can further discuss this.

Best,
Hilary

Hilary Lefkowitz Karaman
Weichert, Realtors
Investment Specialist
Director's Club
1 vote
Dan Tabit, Agent, Issaquah, WA
Sat Mar 15, 2014
itsawg,
That's like asking, is Blue a good color? Some bank owned homes are fine, others are in terrible shape but are priced to reflect that, still others may be in good shape but overpriced. An experienced agent can assist you in determining which case may apply in your home search.
Some may be pretty good deals, but so are some private sales. The bottom line is you should consider everything on the market and when it comes to some, be more careful than you may have to be with others. Short sales may be worth avoiding altogether.
In 100% of all purchases, you need a solid agent on your side, a great lender to get pre-approved with an assist you in getting to final approval and a great inspector who can see beyond the basics. Often your agent can assist you in finding the others.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more