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Bank foreclosed homes are also call real estate owned (REO) foreclosures. When property owners are unable to make payments on their bank sponsored mortgage loan, the lending bank forecloses on the property in an attempt to repossess it. This is how a property becomes a bank foreclosure home.
Experienced investors know that while a bank foreclosure is being processed, owners may sell their homes in order to avoid foreclosure. This period is referred to as the pre foreclosure period. Often times, owners are willing to negotiate they sale of their home during this period so that they can save their credit. At the same time, they are often willing to give the investor a good deal in order to encourage a sale, making it a win-win situation for both parties.
If the home is not sold during before the foreclosure is processed, the title of the bank foreclosure home is transferred to the bank. Banks, however, do not like to own foreclosure properties. They are in the business of dealing with money, not real estate, and bank foreclosures are a burden on them for several reasons:
They are expensive to maintain - The bank must pay taxes, insurance, maintenance and security for their bank foreclosure homes. The longer they hold on to bank foreclosure homes, the more money they lose.
The bank looks bad - Having a large inventory of bank foreclosure homes on their books just shows off their bad lending decisions. The bank needs to recover the money lost on bank foreclosures.
Due to these reasons, banks try to get rid of bank foreclosures as fast as they can. This is how investors can capitalize on these properties. It is often possible to negotiate deals where you can buy bank foreclosure homes or government foreclosures at a price that is anywhere from 20-60% below market value.
With the incredible opportunity these properties present, you can make a nice profit every time you invest in bank foreclosure homes!
