| This may be a weird headline with all the news about | | | | easier. |
| foreclosure. Here is what you need to know about | | | | The easiest way to find bank owned property to |
| bank owned property. | | | | buy is to contact a local realtor that list bank owned |
| The average discount on bank owned property is | | | | property or you can have a realtor just email you a |
| 26%. That means for every house sold by the banks | | | | list from the MLS every day. This is what I do when |
| after the initial auction which no one bought at is | | | | looking for great deals in the city I am located. I get |
| selling 26% below market value. | | | | the emails and look through them at the properties |
| Lets do the numbers: | | | | that fit my criteria for area and price. When I find |
| $200,000 home that is in decent shape, lets say it | | | | the properties that fit what I am looking for I will |
| just needs cosmetic $5000 worth of repairs. We | | | | take a look inside, based on the inspection I will |
| take the $5000 off the price and multiply $200,000 | | | | negotiate to get the price down. |
| by 74% to get what you will pay for that home. | | | | I just negotiated a bank owned property from |
| That is a price tag of $144,300, which gives you a | | | | $39,900 down to $25,550. They accepted my low |
| $55,700 discount on the home. This is the time to | | | | offer immediately which told me I should of went |
| buy because that is the average if you really know | | | | lower on the price. What if I just took their price and |
| how to buy or negotiate you could get 50% or more | | | | did not offer a lower price then what they listed the |
| off the price of a piece of property. | | | | property for. Always go low when making offers you |
| Bank owned property also has all the tax liens or title | | | | can come up on price but usually never lower once |
| issues cleared up when you buy. This will prevent a | | | | your initial offer has been made. |
| lot of headaches and makes buying bank owned | | | | |