Why Buy Bank Owned Homes for Sale in Arlington?
April 2, 2019
When searching for a home, you can usually find great deals on bank owned homes for sale in Arlington if you know where to look. However, there are some things you need to know beforehand. It is important to discover why the property is for sale by the bank so that you know what you are getting into.
Before a foreclosure, the homeowner defaulted on the mortgage, but they can pay the amount in arrears and keep the home. If they cannot make the payment, the property is auctioned off. The bank forecloses and sells to the highest bidder. If the house is not sold at auction, it becomes a property owned by the real estate company or bank.
There are several advantages to buying this type of property:
- There is no middleman to deal with. You only have to worry about your realtor and the bank.
- Banks typically waive unpaid real estate taxes on the property. Get a title search just to be sure.
- You can inspect the property before you sign a contract. This is not an option for a foreclosure. Some work is usually involved in bringing the home up-to-date.
- Bank owned properties sell for less than market value most of the time, but they are not often move-in ready. Be confident in your ability to make repairs or have a trusted contractor who can help you.
A knowledgeable realtor can be a valuable resource for locating bank owned homes for sale in Arlington. Contact New House Match at (425) 268-0347 to schedule a meeting with a professional in the field. We will be happy to assist you in finding a home that works for you.