Thread: How to buy bank owned property?

My first piece of advice is to talk with an experienced REALTOR in Colorado Springs that has represented buyers of foreclosed homes.

Remember that buying a foreclosed home means submitting a proof of funds or pre approval letter with your offer. And remember the home is sold AS-IS, and very well may need work. If it needs too much work, a bank may not be willing to lend on it unless you use a 203K loan.

Listen to the sage advice of your local REALTOR and good luck with your home search.

Work with an agent that is experienced in these types of transactions. There can be many challenges with buying these types of properties and you need someone in your corner that understands the process, the mountain of paperwork and not to mention any city code compliance orders, zoning issues, etc.

That is all great info that I will look into! I understand that the tax offices have info that you search for foreclosures or people going into foreclosure. I've also heard of programs on the internet that will do the work for you.

Originally Posted by Galveston.Real.Estate

That is all great info that I will look into! I understand that the tax offices have info that you search for foreclosures or people going into foreclosure. I've also heard of programs on the internet that will do the work for you.

Hi Galveston there are many services and many service sites to work with you. If you're looking for foreclosure you might go to tax office, or hire people, agency to help you out with substantial leads and foreclosure information.

Look for a Realtor at Colorado, he can help you in buying bank owned homes. Also, do some research on the internet.

Yeah do some research get the best in the business..It will be helpful.

Sounds like a good idea

You can visit the bank whom you want to buy the property that you want. Ask for the listing of their foreclosed or for sale property for you to find the property that you want to buy.

You can also contact lenders directly and ask for a list of their REO or bank-owned properties. You'll have to do some digging to find the department or person at the lending company or bank who manages repossessed property. You can also find properties online through services like RealtyTrac.