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Buying a Bank Owned property |
Article Submitted by: James Boyer
Saturday, 08 March 2008
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There is an excess of Bank Owned properties today. Many banks are looking to liquidate them. Here are some things you should understand when inquiring on these properties: 1. Banks do not respond as quickly (usually) as home owners. Banks could take 2-4 weeks before giving a response. 2. Banks like multiple offers. Hence the delay in #1 above. They will see if they can get multiple bids and accept the best one. 3. Bank owned property will not usually (in NJ) be ready to live in. In NJ prior to moving into a house after closing you will need to obtain a certificate of occupancy from the local government. Since most bank owned properties were foreclosures, many of them have been damaged by previous home owners. This means you may likely have to do some repairs prior to being able to move in (or resell) You can normally get a very good deal on these properties. Here are a few items to keep in mind: 1. I strongly suggest partnering with a REALTOR in your area to help you to determine the market value of the home if it were in good to great condition. 2. I also encourage you to bring in skilled home inspectors / electricians / plumbers to get an idea of the opportunities and expenses you will likely encounter with the house. 3. Now get a calculator and decide if the house is worth the investment. Certainly your calculations will vary depending on if you are looking to resell, rent or live in the house. If you have the patience to find the right home and the vision to see the homes potential over its current condition, you can find a great house for a great discount. Contact your local REALTOR to being the search! Article Source: http://www.ArticleBlast.com |
About The Author:
Written by James Boyer REALTOR, specializing in Summit NJ Real Estate. Summit NJ is one of those desirable towns that everyone seems to know about and want to call home. This reputation is well deserved, Summit NJ 07901 having great public schools, a wonderful downtown, great public transportation options, and much more. Thinking about moving in the near future, take a look at Summit NJ Real Estate and you will know why people love this New Jersey town so much.
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