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When most people think of purchasing a foreclosure,
they think of going to the court house and bidding against other
potential investors or home owners. The easiest way to purchase a foreclosed home is to
skip the foreclosure auction and do your real estate search
straight from the REO department at your local bank. Why wait for
hours in the weather in front of the courthouse and bid against
professional investors. If the property didn't sell at auction and has already been taken by
the bank, it is put up for sale using a licensed Real Estate Agent
who you can deal directly with or hire your own agent to make the
negotiations for you. Another good reason to purchase the home
straight from the bank is you only need to put 3% to 20% down
payment depending if you plan on moving into the home or purchasing
it for an investment. Also, if you purchase a bank owned home, you
can check out the condition of the home and have it inspected before
you make your final decision. At a foreclosure auction you would have to pay
the entire costs up front. Banks are not in the business of property
management, so many times you can purchase these properties well
below the current market. If you're looking for a home in a
depressed area like Arizona, Nevada, or Michigan you are likely to
get a discount of thirty percent or more. Another good place to
check for bank owned homes is on the internet or websites owned by
major US banks. For example: Bank of America, or Citimortgage. When you search
the internet, add "owned homes" after the bank you are
looking for (example, "Bank of America owned homes").
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