The Prudential real estate buying bank owned foreclosure list is an excellent resource for locating discounted properties. Bank owned foreclosures are quickly becoming the preferred choice amongst home buyers and real estate investors because they are priced below market value and provide instant home equity.
Buyers can locate all types of property using the Prudential real estate bank owned foreclosure list. Property prices are as low as 00 and upwards of million and include a wide range of residential and commercial real estate.
Bank owned real estate refers to foreclosure properties that did not sell through public auctions. When no acceptable bids are placed on foreclosure real estate, properties are returned to the mortgage lender. Banks either sell distressed properties through their loss mitigation division or enlist the help of local real estate agents.
One of the primary goals for lenders is to sell bank owned homes quickly in order to recover foreclosure costs and prevent future expenses. As the property owner, banks are responsible for general maintenance and are required to pay property taxes. Therefore, they list real estate owned properties below market value in order to entice a quick sale.
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Bank owned homes are cheaper than properties listed by homeowners, but more expensive than foreclosure properties. Most banks need to sell their inventory of toxic assets in order to receive money from the Federal Reserve Bank. If banks hold too much stagnant real estate they run the risk of having their credit line reduced or suspended until their balance sheet reflects profits.
For this reason, banks rarely accept less than the asking price. Buyers who intend to purchase Prudential bank owned foreclosures should be prepared to pay the full price unless significant damage is discovered during the home inspection.
Due to the constant influx of bank foreclosures there are over 2 million bank owned homes for sale across the nation. It has become nearly impossible for lenders to handle the sale of foreclosure properties. Instead, banks work with local real estate agents to list bank foreclosures, show the properties to prospective buyers, and mediate purchase negotiations.
Interested parties submit offers through Prudential realtors, just as if they were purchasing any type of listed property. Agents present offers to the bank, who in turn accepts, declines, or makes a counter-offer on the REO property.
Buyers are required to obtain preapproved financing prior to submitting offers on bank owned foreclosure properties. Prudential real estate agents can help buyers locate mortgage providers or buyers can shop around for lenders on their own. One trusted source for comparing mortgage lenders and interest rates is BankRate.com.
One option for negotiating the asking price of bank owned foreclosure houses is to buy houses with cash. Banks will often reduce the price of foreclosure properties when a cash offer is presented. Cash purchases eliminate the potential the buyer will not obtain home loan financing and lessens the time required for closing. Real estate investors often buy bank owned homes with cash in order to reduce costs and expedite closing procedures.
If you are considering buying a home, take time to review the Prudential real estate buying bank owned foreclosure list available at PrudentialProperties.com. Doing so could save you time and money and provide a great residence.
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Related posts:
- Countrywide Foreclosure List: Tips for Locating Discounted Bank Owned Real Estate
- Roles Real Estate Agents Play in Bank Foreclosure Real Estate
- Bank Foreclosures ? What are Bank Owned Foreclosures and How to Find the Bank Foreclosure Listings?
- Buying Foreclosure Homes: Tips and Resources for Real Estate Investors
- The Relevance of a Good Bank Foreclosure List
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