Recently our real estate market has been significantly affected by bank owned foreclosed properties. I have spent significant time familiarizing myself with these properties and found them to be in surprisingly good condition. No longer does “foreclosure” mean that the interior has to be gutted and redone. The majority of these properties are basically in “move-in” condition with extremely favorable price tags.
The biggest benefit to purchasing these bank owned properties however, comes when escrow is opened and buyers actually have the right to a preliminary title search to detect any clouds on the title. If the title search reveals any irregularities, the Seller (bank) will normally clear these issues up prior to close of escrow. If not, buyer has every right to back out of the purchase. Another protection offered to a buyer is the fact that they, in most cases, have the right to perform inspections of the property. Banks most often do not do repairs and offer these properties “As Is” but at least the buyer has knowledge of what he is getting into and, if there are significant repairs noted, can rescind his offer to purchase or negotiate with the bank to come to a compromise.
Protecting yourself as a buyer should be your main concern when purchasing property. Bank owned properties offer great pricing and buyers can feel confident about their purchase knowing all of the necessary precautions have been taken.
For more information on foreclosed, bank owned properties, please visit my website at www.renoforeclosureexperts.com or give me a call at 775-843-8187.
