Bank Owned Homes Listings

It was not long ago when you went to the bank to get a loan and you went to the real estate office to look for land. It is time to switch to another paradigm if you are in the market for either. And the sooner you understand that and know the reasons behind it the better off you will be in both arenas.

Yes, you still are more likely to start up a conversation about real estate and get more intelligent offers about that property at a real estate office. However, with the growing amounts of foreclosures, there is a chance that if you discuss real estate with your banker he could produce you a file of bank owned homes listings that would make your head spin and quite literally might be larger than the size of the list of available property that the friendly real estate office can provide.

The bank owned homes listing, depending on the size of the market you are in and the actual foreclosure rate in that area, can be astounding and can contain any number of things from average residential to business property to high end upper class property and even acreage pieces. You might actually find yourself amazed at some of the properties that might be represented in the listing if you look it over. Of course having a good working relationship with your local banker is a good thing if you are doing this because they are, after all still human and will be more likely to steer friends and good business associates towards the better buys available from them.

The vast majority of what you will find here will not necessarily be represented in the offices of your local real estate person unless you have a local agency that specializes in foreclosures. Typically a foreclosure will new the agent and the agency a smaller commission because, especially now, the [property is selling much less than before and foreclosures are usually sold considerably less and as a result a lot of real estate firms will not handle them because they won’t make enough to actually make it worth the effort to sell it

As a direct result of this, you will actually see a larger number of listings at the bank that are not listed on the MLS sights and thus not available through most agents. What that may mean, if you are in a buying situation, is that there may not be the competition on a property should you find one you want. The banker is more likely to sell at what you offer to unload one of the many pieces of property in his bank owned homes listing to free up the available capitol he has to work with and may just be willing to take a deal that an agent might laugh at even presenting to anyone.

As always, money is the deciding factor and an agent feels the need to make more of it than the bank might because the agent only lists the property, the bank now owns the property.

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