I sat down with Israel Barden, our REO & bank owned expert with Coldwell Banker here in Big Bear Lake, for a quick video discussion on the 3 most important things buyers in this market need to understand about buying a bank owned property.
There are many factors to consider when buying a bank owned property. If you are thinking about a bank owned purchase, be sure to talk with your real estate agent and lender first. A bank owned purchase can be incredibly different than your everyday sale. Issues ranging from financing, price flexibility, disclosures, liability, closing costs, contingencies, and others are bound to come up during the purchasing process.
If you have any questions, or if you want to add some items to this list, be sure to add comments here or contact me.