Foreclosures and bank owned homes

Understanding bank owned homes

There are a lot of things to keep in mind when purchasing a bank owned home. Not all banks follow the same strategy when it comes to target market, negotiation and motivation. For example Fannie Mae will often fix up their property to the market condition before putting it up for sale in Snohomish and King County while another seller like HUD is not likely to do any repairs. So if you're targeting a seller it can help to find one who's goals align well with yours.

Buying a bank owned home

When you make an offer on a bank owned home you will agree to their additional terms of the contract. Almost all banks have their own addendum that thoroughly protect their interest and, although not as much, they do protect the buyer as well in many cases. I recommend reading through their forms in detail before writing your offer. Additionally your purchase should be contingent on an inspection as they are sold in As-is condition.

Newest Foreclosure Listings

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