Bank Foreclosure Property
February 27th, 2009
Bank Foreclosure Property
Question: Bank Owned Foreclosure?
How do I go about buying a house in foreclosure/bank owned? Will banks finance properties in foreclosure? Do you think foreclosures are a good investment?
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Answer: Yes, banks will finance properties in foreclosure. However, they usually will NOT look at any offers that have any contingencies (i.e. contingent on sale of your existing home, contingent on inspection, contingent on obtaining financing, etc.), so foreclosures are not an option for everybody. Banks are very slow at responding to offers - sometimes even more than a month before responding to your offer, so if you're trying to sell your existing home it's hard to get the timing right. (For example, if you sell your existing home and the bank does not accept your purchase offer, you're left w/out a home! Or, the bank accepts your offer and it takes longer to sell your house than you plan for and you're stuck w/ two mortgages.) Foreclosures are probably best for first-time homebuyers who don't need to coordinate the sale of an existing home, or for homebuyers who can easily qualify for (and afford to carry) mortgages on both an existing home and the new home.
Make Money with Property foreclosures and bank foreclosed h
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