Bank Owned Real Estate

All Bank Owned   Tucson   Oro Valley   Vail

       

Tucson Real Estate has many opportunites to purchase Bank Owned Real Estate, Short Sales, REO Properites and Foreclosures.

What is Bank Owned Real Estate?

More information coming soon

Q: How do I buy bank owned Real Estate

If you are fully prepared to buy you or your real estate agent should initiate contact with the bank to express your interest in the property.

The property may or may not be already listed for sale on the Multiple Listing Service (MLS), so make sure you or your agent checks the MLS. If the property is listed for sale, you can contact the listing agent directly. Keep in mind that the potential bargain often diminishes if a listing agent is involved.

If the property is not listed with a real estate agent, you'll need contact the foreclosing bank directly. When you call the foreclosing bank, you should ask for the REO (Real Estate Owned) department, bank-owned homes department or asset management department. Be patient and persistent at this point because it may take some time to get through to this department. Another option is to overnight or fax a letter to the bank stating your interest in the property.

Once you make contact with the bank's asset manager or REO officer, you should arrange to walk through the property (with your agent if applicable) to make sure it fits your criteria as a buyer. At this time you should also do a title search. If both you and the bank agree to proceed, you should start negotiating the terms of the purchase agreement. A real estate agent can be a valuable resource during the negotiating process.

Q: Why are Bank Owned Properties sold at a discount?

Banks are not set up to deal with real estate. Bank Owned Real Estate is often sold by banks at below market values in order to sell quickly. Bank Owned homes are expensive for banks to hold because they require maintenance and the bank may have to repay any liens against the property. Because the bank is loosing so much money on each Bank Owned Home, they are willing to sell it fast and cheap.