Foreclosure, bank owned homes, and Real Estate Owned (REO) are practically the same.
Bank Owned Homes – The bank or lender foreclosed on the property and now has full ownership of the home.
A public foreclosure auction can occur when ownership of the property officially transitions to the bank. If the property is not sold during the public foreclosure auction, the property is then listed with a real estate agent. You can purchase the property from the bank through a real estate agent once the property has been listed. [Read More...]
Subject Property Is Being Sold In As-is Condition. No Representations Or Warranties. Buyer Is Responsible For Any Liens Or Violations. Buyer Is Responsible For Nyc / Nys Transfer Taxes. Cash Deal Only.
Subject Property Is Being Sold Occupied With Any And All Occupants In As Is / Where Is Condition. Neither The Seller Nor The Listing Broker Can Verify The Existence Of Any Lease Agreement, Either Written Or Verbal, Nor Any Rental Amount Being Paid, Due Or O...
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Know your budget. Most of these homes are sold "as is." Meaning if the property is in need of renovation. Consider the additional costs required to complete them.
Inspections. It is an important step to hold an inspection to know what the home is missing or needs improvement on. Be sure to make a list of repairs that you would bring up to your agent.
Be ready. As with any real estate transaction, if you are a serious buyer and approved for financing, you need to be able to act quickly. Many investors are interested in REO homes and they are often able to move fast.
Bank Owned Homes - Buying Process:
Reach out to one of our licensed real estate professionals: Enough said.
Getting approved and prequalified: Your agent will guide you through the step that will help you determine your budget. This step takes a little longer than a typical real estate transaction because the bank has to approve the offer. Getting prequalified involves providing financial and other information like employment history and the funds you would use for a down payment.
Working with your agent: Your real estate agent can help you make a reasonable price and assist you with the approval process, if accepted.
Closing time: Once the offer is finalized, the contract is similar to any other home buying transaction.
IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Listing data is deemed reliable but it not guaranteed accurate by the MLS.
Listing information is provided by the Staten Island Multiple Listing Service, Inc.