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

How to Shop Bank-Owned Properties


Bank-owned properties can be a savvy choice for first-time buyers looking for a deal and for seasoned property investors alike.

This is because the properties are often listed for sale at a tremendous discount since the bank (after the foreclosure process or through debt resolutions) would prefer not to own forever or to lease the real estate.

So if you’re up for a challenge and for trying something new, here are some tips that will help you through the bank-owned property shopping process.

It’s a normal real estate transaction

Here’s a secret. Even though you go through a bank, it’s still a normal real estate transaction. And while the bank often works with outside brokers as the intermediary, you may find one (like First Bank) where bank employees are licensed brokers themselves.

Unlike a traditional real estate transaction with other types of properties, the offer and purchase process can go quickly, since much of the paperwork, analysis, and decision making is all within the various departments of the same bank. And once your offer has been approved, you can sometimes close in the same week!

Ask for help, it’s available

Like a house, but feeling stuck? Just reach out to the bank for more information, especially if you’re a first-time buyer.

You’re sure to receive ethical and helpful treatment, even for the properties that need a lot of work. Plus, establishing a relationship with a bank for this purchase can lead to additional valuable financial avenues for more of your future plans (like remodeling).

You might have some picking up to do

Speaking of remodeling, be prepared for a fixer-upper. Some of these homes may have deferred maintenance during the foreclosure process or be in need of updating to more current or popular interior finishes.

But that doesn’t mean they aren’t still great finds since you’re still going to get a deal on the purchase price. Think of the process as a treasure hunt.

Work with a local mortgage specialist

Trending Topics

Your Community Bank – Asheville NC

At First Bank, we believe that part of being your community bank in Asheville, NC, means offering services that meet the needs of everyone. From checking and savings accounts to mortgages and personal loans, First Bank...

What Are 30-Year FHA Mortgage Rates?

If you are considering applying for an FHA loan to purchase a home, you may be wondering, “What are 30-year FHA mortgage rates?” If you want to find out what the current average 30-year FHA mortgage rates...

Apply for a Flexible Small Business Loan in Jacksonville, NC

Forbes named Jacksonville, North Carolina as the #2 location for cost of doing business. Families, retirees, and business owners alike are continuously drawn to Jacksonville, making it one of the best places in NC to start...

How To Make A Budget

The best way to save money and gain control over your finances is to make a budget. Follow these simple steps to make a budget that will save you money and bring you peace of mind about your spending. Making a Budget...

Starting Small Business Loans For Women – South Carolina

If you are a women looking to open a business in South Carolina, First Bank can help you with your financial needs. We provide small business loans for women entrepreneurs looking to contribute to South...

Checking and Savings Account – Jacksonville, NC

A checking and savings account can help you balance your budget, accrue interest and save for the future. With our convenient locations in Jacksonville, NC, First Bank can help you get there. We offer five different...

Essential Homeowner’s Insurance

Life has the ability to catch us off-guard with unanticipated and costly expenses, such as house damage from a fallen tree or basement pipes bursting during the winter season. That’s why homeowner’s insurance...

Small Business Loan Requirements in Asheville, NC

Did you know that loan approval rates at small banks have increased in recent months? As you’re looking into small business loan requirements in Asheville, NC, consider a community bank like First Bank. Common...

The Benefits of Checking Accounts with Online Access

Out of all the factors that tend to influence our decisions regarding financial management, levels of convenience tend to play a heavier role than others. For that reason, online tools, such as access to checking accounts...

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...