For a real estate investor, purchasing a bank-owned property carries the benefit of a lower purchase price, typically lower than a foreclosure property. By the time a property moves from foreclosure to bank-owned status, many of the liens and other expenses have been lifted. With a reduced price also comes the advantage of acquiring a home with equity. If the property is located in a stable area, it's likely that the neighboring property values will be higher.
Many bank-owned properties are in extreme disrepair thanks to extended periods of vacancy or damage caused by the previous owners before they left. If you're not willing or financially prepared to make repairs or clear any violations, a bank-owned property probably isn't the best way for you to go. And if the property is not in move-in condition, finding financing can be difficult. In addition, disclosure statements, including information about lead-based paint, radon, mold or any other problem areas, are not provided.
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