Pro and cons of buying a bank owned home

In several Florida real estate markets, bank owned homes are often 30, 40 0r 50% or more of the sold homes reported for the area. The reason is fairly obvious, the banks are pricing their homes at or below market value.

Naturally then a pro to buying a bank owned home is the price you can buy the home for. That is a BIG PRO. Anyone looking to buy a home right now is wanting to make sure they do not pay more that the home is worth.

What are the cons with trying to buying a bank owned home? A few include:

• Banks are often slow to respond to offers.
• Banks are usually not very negotiable.
• Banks will rarely make repairs.

Still the pro for most people, the price, is enough for them to exercise patience and jump through whatever hoops the bank may require.

If you are interested in buying a bank owned home, call or email me for assistance.

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- Greg Staker 407-304-0255