Bank Owned Properties

The bank owned properties have finally brought the buyers back out. There are many good investments for the first time homebuyer, the move-up buyer, and the investors. With median home prices down to $177,000, home purchases make sense to all. Homebuyers that want the most house for their buck, need to look further than the perfect home they have envisioned.
The properties that are ready to move in are in the greatest demand, which means lots of competition. Multiple offers are common place, which pushes values above original asking price. These are still great values, but if you are willing to fix up cosmetic issues, you can realize even more equity in your home. Carpet, linoleum, appliances, paint, and landscaping can all be replaced very easily at minimal cost. A lot of these fix-ups can be done with a trip to your local home supply store. Look for a nice floor plan, solid structure, and in the neighborhood that meets your needs. The rest can be fixed to meet your own personal tastes.
The bank owned properties that sit on the market more than 30 days have other advantages. The seller is ready to negotiate. The buyer can request that the seller pay up to 3% of the purchase price towards the buyer’s closing costs(up to 2% if the buyer is an investor). The buyer can also request a credit towards pest repairs and cosmetic repairs(within lender guidelines).
The banks do not usually perform repairs to the property, this includes pest repairs. So a credit at close of escrow gives the buyer the money for fix-up at close of escrow. With values and interest rates at an all-time low, if you can buy now, do it!
There is talk that the real estate market may be recovering later this year. NOW is the time to buy!