Buying a bank-owned foreclosure is an often an attractive prospect owing to the fact that they are available below market-value. Bank foreclosures are properties that have come into possession of the bank following a failure to sell at the foreclosure auction. As such, there are other advantages besides the lower value. For starters, it removes the hassle of having to deal with (a possibly disgruntled) home-owner. With the bank in possession, any liens or taxes associated with property are likely to have been waived.
However, buyers need to exercise caution before finalizing the deal. These homes are likely to be not ready for occupation, and in need of repairs and updates. It is, therefore, advisable to seek a home inspection to assess the costs that will need to be factored in to the overall value of the house.
To give you an overall view about bank-owned foreclosures, here’s a handy infographic detailing what a bank-owned foreclosure is, it’s advantages and the steps to go about purchasing one.
How To Buy Foreclosures The Smart Way
November 23, 2016
A dedicated full-time digital marketer with 12+ years of experience in the industry. Since 2015, he has been successfully running infographicportal.com, a platform that showcases high-quality infographics across various topics. Nagendra's expertise lies in creating and executing effective digital marketing strategies that drive engagement and growth. His passion for visual storytelling and commitment to excellence has made him a respected figure in the digital marketing community.