Century 21 Real Estate
Century 21 real estate is a franchise operation with independent agent offices located around the globe. While Century 21 realtors have always sold bank owned properties, today they are considerably more active in this arena due to the massive influx of foreclosure homes.
In order to locate Century 21 real estate bank owned homes, buyers can visit offices or browse websites of independent Century 21 realtors. Many real estate agents provide foreclosure listings directly on their website, while others offer printed bank owned property lists which can be obtained on request.
Foreclosure homes are referred to by various names including bank owned, real estate owned, and REO homes. The difference between foreclosure vs. bank owned real estate is foreclosed properties are sold through public auction, while bank owned properties are sold through realtors assigned by mortgage lenders.
REO homes are foreclosure houses that did not sell through public auctions. Buying bank owned foreclosures is no different than buying any house on the market. However, bank owned properties are typically sold below market value because they are in need of repair. REO properties are sold in "as is" condition, leaving the cost of repairs to the buyer.
First time home buyers who purchase Century 21 bank foreclosures prior to April 30, 2010 may qualify for the $8000 federal housing tax credit. Homeowners who have resided in their current residence for at least five years and purchase a Century 21 REO property with a higher value may qualify for a $6500 tax credit.
In order to obtain tax credits, borrowers must apply for a home loan prior to April 30th and close on the property within 60 days. Properties costing more than $800,000 are ineligible for the tax credit. Homeowners who sell bank owned properties or stop using it as their primary residence within three years of purchase will be required to repay the home buying tax credit.
Buyers of Century 21 real estate foreclosure homes are usually required to obtain prequalified financing and provide proof of funds when making an offer. This financial requirement is not unusual in today's credit-challenged market. Nearly all realtors prequalify potential clients to ensure they are financially prepared to buy a house.
Two major benefits of purchasing Century 21 bank owned reo properties is the real estate is sold with a clean title and buyers do not have to pay commissions or buyer premiums. Buyers who purchase real estate sold through public auctions are often responsible for paying buyer premiums of 10-percent or more.
If property is auctioned for $100,000, buyers incur an additional $10,000 in buyer premiums. While bank owned homes are typically priced higher than foreclosure properties, buyers can still save a substantial amount of money since buyer premiums are waived.
Bank foreclosures listed through Century 21 real estate agents are oftentimes in better condition than properties sold through auctions. Many Century 21 agents offer banks the option of maintaining the property throughout the listing period. Services range from general maintenance and security to interior and exterior clean-up.
Century 21 foreclosures can make for a great real estate deal. In the addition to looking at Century 21 bank owned homes, we offer a variety of foreclosure, bank owned and short sale homes via our Real Estate Investment Club.
There is no cost to obtain a list of investment properties for sale. Simply enter your email address in the Investment Club mailing subscription box on the left sidebar to receive instant access to current investment opportunities, as well as instant notification when new properties are listed.
If you would like to learn more about buying bank owned reo homes, peruse our comprehensive home buying article library.