What 3 Kinds of Bank-Owned Properties Can You Buy?
.embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; height: auto; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; } Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation Today we are excited to discuss the three types of bank-owned properties you can buy here in Seattle. Each one is a little different, and could be a great option for you depending on your situation. 1. Short sale When the owner of a home can no longer pay their mortgage, one option they have is a short sale. At this point, their home is worth a lot less than the home’s actual value. When you submit an offer on a short sale, the owner will sign off on it and it will then be submitted to the lien holder. The lien holder will then send someone out to make sure the home is priced at market value. One downside about short sales is that they often take 60 days and can take as long as 180 days to close. 2. Traditional bank-owned property These are properties where the bank has taken ownership of a home, and puts the home back on the market. These homes are first come, first serve. However, make sure you do your inspection and understand what kind of work the property will need once you buy it. 3. Auction property These properties are usually sold at a discount. This is a great option for cash buyers who have the money already. We can also work with lenders to get buyers a loan for an auction. You’ll have to put 10% down, but the mortgage company will cover the rest. There’s a chance you may be able to get the property for less than your loan. There are a lot more details and nuances regarding these three types of properties. If you’re interested in buying a home like this, give us a call or send us an email. We’d love to hear from you!
Thai Nguyen Real Estate Podcast
April 4, 2016
Audio is streamed directly from the publisher (s3.amazonaws.com) as published in their RSS feed. Play Podcasts does not host this file. Rights-holders can request removal through the copyright & takedown page.
Show Notes
<style>
.embed-container {
position: relative;
padding-bottom: 56.25%;
height: 0;
overflow: hidden;
max-width: 100%;
height: auto;
}
.embed-container iframe,
.embed-container object,
.embed-container embed {
position: absolute;
top:
0;
left: 0;
width: 100%;
height: 100%;
}
</style>
<br />
<div class="embed-container">
<div style="text-align: center;">
<!--insert embed code here-->
<iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/cvIBQpUNJAU?rel=0" width="560"></iframe>
<!--end-->
</div>
<br /></div>
<div style="text-align: center;">
<i style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 15.4px; line-height: 21.56px;">Buying a home? <b><a href="http://www.thain.johnlscott.com/jls/index.asp?p=findahome.asp&mode=N">Click here to perform a full home search</a></b></i></div>
<div style="text-align: center;">
<i style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 15.4px; line-height: 21.56px;">Selling a home? <b><a href="http://www.thain.johnlscott.com/?p=homeworth">Click here for a FREE Home Price Evaluation</a></b></i><br />
<i style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 15.4px; line-height: 21.56px;"><br /></i>
<br />
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: left;">
<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Today we are excited to discuss the three types of bank-owned properties you can buy here in Seattle.</span><span style="background-color: transparent; color: black; font-family: "arial"; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> Each one is a little different, and could be a great option for you depending on your situation. </span></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiapu4y9oF1T0iYwVeSHZ6KjT1UciCtr-SeGH3kT3hNQti48Q09c0JahqJNYE3iiemEjluc3Vhtt-lpx5ShoyoL5wGlfRpFlnIZ0foyNB20yi34qC2jXKv6bi8t-LrlhkO8PXZBdlt11Bo/s1600/Thai_Nguyen_PullQuote4.4.16.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="100" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiapu4y9oF1T0iYwVeSHZ6KjT1UciCtr-SeGH3kT3hNQti48Q09c0JahqJNYE3iiemEjluc3Vhtt-lpx5ShoyoL5wGlfRpFlnIZ0foyNB20yi34qC2jXKv6bi8t-LrlhkO8PXZBdlt11Bo/s400/Thai_Nguyen_PullQuote4.4.16.jpg" width="400" /></a></div>
<div style="text-align: left;">
<i style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 15.4px; line-height: 21.56px;"><b id="docs-internal-guid-33ae6fa2-e20b-d180-0d1e-11fb86b11d5e" style="font-weight: normal;"><br /></b></i></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: left;">
<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> 1. Short sale</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: left;">
<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">When the owner of a home can no longer pay their mortgage, one option they have is a short sale. At this point, their home is worth a lot less than the home’s actual value. When you submit an offer on a short sale, the owner will sign off on it and it will then be submitted to the lien holder. The lien holder will then send someone out to make sure the home is priced at market value. One downside about short sales is that </span><span style="background-color: transparent; color: black; font-family: "arial"; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">they often take 60 days and can take as long as 180 days to close.</span></div>
<div style="text-align: left;">
<i style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 15.4px; line-height: 21.56px;"><b style="font-weight: normal;"><br /></b></i></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: left;">
<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">2. Traditional bank-owned property</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: left;">
<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">These are properties where the bank has taken ownership of a home, and puts the home back on the market. These homes are first come, first serve. However, </span><span style="background-color: transparent; color: black; font-family: "arial"; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">make sure you do your inspection and understand what kind of work the property will need</span><span style="background-color: transparent; color: black; font-family: "arial"; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> once you buy it. </span></div>
<div style="text-align: left;">
<i style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 15.4px; line-height: 21.56px;"><b style="font-weight: normal;"><br /></b></i></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: left;">
<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">3. Auction property</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: left;">
<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">These properties are usually sold at a discount. This is a great option for cash buyers who have the money already. We can also work with lenders to get buyers a loan for an auction. You’ll have to put 10% down, but the mortgage company will cover the rest. </span><span style="background-color: transparent; color: black; font-family: "arial"; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">There’s a chance you may be able to get the property for less than your loan. </span></div>
<div style="text-align: left;">
<i style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 15.4px; line-height: 21.56px;"><br /></i></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: left;">
<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">There are a lot more details and nuances regarding these three types of properties.</span><span style="background-color: transparent; color: black; font-family: "arial"; font-size: 14.666666666666666px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> If you’re interested in buying a home like this, give us a call or send us an email. We’d love to hear from you!</span></div>
</div>
Topics
SeattlerealestateMortgagebrokersbuyingyourfirsthomelendersfinance