Century 21 Real Estate: Buying Bank Owned Foreclosure Properties
Century 21 Real Estate is the world's largest real estate sales organization. They work with both buyers and sellers not only in the United States, but worldwide. Century 21 agents are Independent Realtors and many specialize in bank owned foreclosure properties.
Several Century 21 Real Estate agents list bank owned foreclosures directly on their website. It's important to realize that bank owned foreclosures are different than foreclosure properties sold through auctions.
Real estate owned (REO) bank foreclosures are properties which have been returned to the bank. Once the bank retains possession of the property the mortgage note becomes null and void. If creditor or tax liens are associated with the property, the bank will negotiate to have them reduced or removed. If the foreclosed homeowner refuses to leave the premises, bank will initiate the eviction process.
When bank foreclosures are listed through Century 21 Realtors, buyers typically have to adhere to certain financial arrangements in order to purchase them. The buyer is usually required to obtain pre-approved financing and provide proof of funds at the time of their offer.
Most REO properties sold through Century 21 Real Estate are sold "as-is." However, the buyer is able to obtain a professional appraisal prior to closing the deal. If the appraisal reveals problems with the property, the buyer has the opportunity to renegotiate their offer. Two benefits of purchasing bank foreclosures from Century 21 agents is the properties are free of liens and no buyer premiums or commissions are paid by the buyer.
Some Century 21 real estate agents specialize in working with private investors looking to purchase property, or banks or asset companies who wish to sell foreclosure properties. Several agents offer numerous services including the listing and sale of bank-owned properties, maintenance and security, eviction, interior and exterior clean-up, and maintaining utilities while the property is on the market.
Bank owned foreclosures are usually sold near market value. Keep in mind many people have their fingers in the pie. The bank wants to recoup their investment price and the realtor wants to be compensated for their services. One way to avoid the middle-man is to seek out private investors who purchase bank portfolios. By buying in bulk, investors can purchase distressed properties at wholesale prices. It's not uncommon to purchase bank foreclosures from investors for as low as seventy cents on the dollar.
If you are interested in investing in REO properties, Simon Volkov offers a variety of properties across the nation. Serious investors who have cash in hand can purchase single-dwelling foreclosure properties with up to 30-percent instant equity. Obtain a list of current properties and real-time updates by subscribing to Simon Volkov's Real Estate Investment Club today.
Published on May 22, 2008 at 11:05 AM | Comments: 1