Buy Bank Owned Foreclosure

Buying Bank Owned foreclosures?

When a current home owner fails to make his minimum payments on time the home can become a bank-owned forclosure in short order. We see them on almost any street we pass. It is a sad situation, but it happens many times every day. However it is up to the bank whether or not they will accept the deed from the owner in lieu of foreclosure. The bank will carefully investigate the situation, and try to determine whether the stand to lose the most by going into foreclosure or by accepting the deed. In most cases if they do accept the deed, they will not persue the owner for the additional funds which they are owed.

IF the owner lucks out and the bank will agree, they may forgive the owner. If this happens then the ower has missed the bullet in regard to ruining his credit and placing him deep in debt. The bad credit and heavy debt usually comes along with any foreclosure. When the bank ends up with your home, they hate it since they are in the banking business and not the real estate business. Now it becomes their responsibility to maintain the property and do whatever marketing that is necessary to get the property sold in the shortest possible time. Every minute it sits idle, is costing them money. The bank is now responsible for the property taxes and the hazard insurance. The bank is definitely not a happy camper.

The expense of providing security and maintenance is overwhelming. And since the property is vacant it is more likely to be broken into and vandalized… not to mention the grass must be cut weekly… Due to all these expenses and responsibility, the bank is now willing to take a loss to get rid of the property. The will listen to lower offers than they would previously. So strike while the iron is hot. Get them while they are vulnerable.

So what does all this mean to an alert buyer.. you are an alert buyer – aren’t you? Sure you are. Pay attention now.

You will find that Keffer Realty can be your hero, in that we have many folks trained and specializing in the foreclosure and bank owned market. That is lucky for you, as our services are totally free to you. The seller in this case the bank has agreed to pay our fees while we represent you completely. This is important, as we can negotiate for you on your behalf and we owe no allegiance to the seller even though the have agreed to pay our fees.

One of the things that you will notice first, is that most bank owned or foreclosures are in worse condition than other homes on the market, but to us that is an advantage. We will offer much less due to the condition of the property.

Stay tune for more on the foreclosure and bank owned market, as this is Part I of a three part article.

All Chesapeake Foreclosures All Norfolk Foreclosures
All Virginia Beach Foreclosures All Portsmouth Foreclosures
All Suffolk Foreclosures All Hampton Foreclosures
All Newport News Foreclosures


**This communication is provided to you for informational purposes only. Keffer Realty is not a mortgage lender. You should contact your lender directly to learn more about mortgage products and your eligibility for such products.

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Alan M. Keffer | Broker | 409 Slate Street | Chesapeake, Virginia | 23322
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