New Hampshire Bank-Owned Real Estate For Sale
I wrote a post a little while back about buying bank-owned properties and the potential issues
surrounding the purchases of bank-owned properties. All are
sold in ‘as-is’ condition, but ‘as-is’ can mean different things to different
banks who own those properties. And the majority of those bank-owned properties
are typically in less-than-desireable condition most of the time. Some look as
though the owner took really good care of the property, and others look as
though they were beat up really badly by the previous owners.
Potential buyers of bank-owned homes and condos really
need to have their eyes wide-open when looking at buying real estate in these
situations. Sure, you can get some really great deals, but those deals don’t
come easily and/or without their problems. Be sure to check out the link I
mentioned above for some of the issues to keep in mind when thinking about
purchasing bank-owned real estate.
Make sure to have your inspections as part of your offer to
purchase, or if the bank that owns that property won’t let you make it subject
to inspections, have them done before making your offer. The other thing you
must be mindful of is that not all banks and mortgage companies are going to be
too quick to lend money on a bank-owned property. Before submitting an offer to
purchase on bank-owned homes or condos, make sure your lender or loan officer
gives you the okay to do proceed knowing the property is bank-owned.