Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

Bank Owned Homes – Find Bank Owned Homes for Sale in Your Area

If you’re in the market for a great deal on a home, a bank-owned home could be just the thing for you! With First Bank, you can easily search through a list of our bank-owned properties for sale. Bank-owned properties typically make great investments for first-time home buyers or for new business opportunities.

Click here to see a list of First Bank’s available properties.

About Bank Owned Homes (REO Properties) – Learn More Before You Buy

A bank-owned home or real estate owned (REO) home is a home that has been foreclosed on be the mortgage lender. When you purchase a bank-owned property, you go directly through the bank, so you won’t have to deal with any homeowners. Once the mortgage lender or bank owns the property, they can evict the current residents, pay off any necessary tax liens, and make any necessary repairs.

In today’s market, buying a home can be pretty expensive—especially when you add in extra costs and potential upgrades or home repairs—so if you are looking to purchase a home, but don’t have a lot of money to spend, a bank-owned home could be a good option. Bank-owned properties make great investments for first-time home buyers or anyone looking for new business opportunities.

Bank Owned Homes

Advantages of Buying a Bank-Owned Home

Bank-owned homes give real estate investors and homebuyers opportunities that are not available in the pre-foreclosure and auction phase of the foreclosure process.

Some other advantages of buying bank-owned homes include:

  • Bank-owned properties are typically cheaper than newer homes and often offer great terms like low down payments and low interest rates.
  • Buying bank-owned homes can involve less risk and less competition than traditional markets.
  • Bank-owned properties are typically clear of any liens against the property.
  • The bank that owns the foreclosed property is usually the mortgage lender, so it might be easier to negotiate closing costs.
  • Bank owned properties are typically vacant, which can save you from having to evict its current residents.

For more information on bank owned homes, check out our article on how to shop for bank-owned properties.

———

Sources:

Investopedia: http://www.investopedia.com/terms/f/foreclosure.asp

Investopedia: http://www.investopedia.com/terms/t/taxlien.asp

Trending Topics

How to Switch Banks in Asheville, NC

Choosing the right bank for you is important to achieve your financial goals. If you’re unsure if your current bank is meeting your financial needs or are moving to the Western Carolina area, it’s time to think...

Where to Get Mobile Payroll Solutions

In today’s on-the-go world, you can do just about anything from a mobile phone, tablet or laptop. If you run a business in this tech-driven environment and have employees to pay, you might be wondering where to get...

5 Ways to Get the Lowest Mortgage Rates

If you are looking for some of the lowest mortgage rates in North Carolina or South Carolina, First Bank might be able to help. Choosing a mortgage option can be one of the most confusing aspects of the home purchasing...

Hassle-Free Savings Account – High Point, NC

Saving your hard earned cash shouldn’t be a hassle. At First Bank in High Point, NC, we understand the importance of saving and we want to make sure our customers aren’t worried about their savings accounts....

No-Cost Information Security Tips for Businesses

There's never a bad time to set goals and get a fresh start, especially when it comes to taking steps to prevent fraud losses for your business.

Where to Get Commercial Mortgage Rates

Location, location, location. The value of location is just as important for commercial success as it is for where to get commercial mortgage rates. The wrong rates can lead your business off the beaten path while...

Find Small Business Loans in South Carolina

It can be hard finding the right small business loans in South Carolina, especially when you’re looking for a new bank. At First Bank, we’re have six convenient locations across South Carolina to provide...

How to Get a Mortgage for a Rental Property

Looking for rental property mortgage rates near you? If so, First Bank can provide you with tips and tricks on how to get a rental property mortgage, as well as how to find the best mortgage rates near you. Rental Property...

Join Us: the 12 Days of Giving

This holiday season, First Bank team members across the Carolinas are participating in the 12 Days of Giving. Small acts of kindness can make a big difference, and we'd love to invite you to join us. This handy list has...

What You Need to Open a Business Banking Account

Once you’ve started a business, the money is going to be coming in. You will need a business banking account to keep finances in order and manage cash flow. But, before you head down to your local First Bank,* grab...