Are Bank Owned Homes Always The Best Deal? Not Always

Homes at The Citrus Golf Club in La QuintaEveryone wants to find a great opportunity. But are bank owned homes always the best deal? Not always. Experienced Realtors know that most homes offered for sale in today’s market must compete with distressed properties (bank owned and short sales) or they simply won’t sell.

The Secret Everyone Should Know About Bank Owned Homes

Do the math and compare the inventory! The math I’m speaking to here is about comparing apples to apples to get to your actual bottom line cost. That bank owned home at $500,000 could actually cost more in the end then a competing regular sale home down the street at $550,000 if it needs a lot of work to become move in ready.

When I work with buyers of any home, we’ll use the contingency period to get a professional home inspection and to get estimates for any repairs or needed improvements. Keep in mind that most bank-owned homes are sold ‘as is.’

Furnishings And Accessories Included?

Consider also that most bank owned homes do not include furnishings or accessories. These items can many times be negotiated into the purchase price of a competing regular sale home. With us working together in doing the math we can get to the bottom line cost which will help you to make an informed decision.