Over the last few weeks, I’ve gotten a number of questions
about buying bank-owned properties because they have such great
prices on them. Potential buyers here in the Portsmouth area are drawn to the
attractive prices of those properties, without realizing the probably issues
with those types of properties.
Foreclosures, which are pretty much the same as
bank-owned properties, are also listed in the Multiple Listing
Service (MLS) as well. Banks most often use agents to sell their
properties, and those will also show up on the sites and the various MLS sites.
Here in New Hampshire, all of the properties for sale around the state,
including Portsmouth NH real estate, will be listed in that
system for all of us to have access to.
There are usually inherent problems with bank-owned
properties that many times potential buyers don’t think about until they
actually go view a bank-owned property.
The people who had owned that now bank-owned house fell seriously behind
in their mortgage payments because they didn’t, for whatever reasons, have the
money to make those payments. Typically that also means they didn’t have the
money to take care of the house either, which means that needed repairs and/or
improvements were not done as well as no payments being made.