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BANK OWNED

Bank Owned Properties


NOTE: *BANK OWNED properties: are sold in AS IS condition*
 
•FORECLOSURE PROPERTIES• 
 
 
Types: 

 

a) Pre/Foreclosure ►

"Preforeclosures" are still owned by the borrowers who are in default on one or more mortgage loan payments. 

 

b-) AUCTION ►

"Auction" properties have been posted for public sale and may be bought at the time of the foreclosure auction by arranging to pay the arrears plus other costs at the same time the lender legally takes ownership of the collateral.

c-) BANK OWNED PROPERTIES: a.k.a REO PROPERTIES ►

  1. REO" is the term for "real estate owned" by the bank, savings and loan, or other lending entity after the foreclosure sale (or "auction") is concluded with no other purchaser buying the real estate.
  2. To summarize, a preforeclosure occurs when the lender initiates foreclosure proceedings as the result of a default. If the borrower cannot cure the default by paying the arrears, and does not sell the property, it is sold at a public foreclosure auction. If no one buys the property at the auction, it becomes REO and the lender is now the seller.

 

HOW DOES IT WORK?

We are currently affiliated with various mayor Banks and Investment Companies that have acquired foreclosed properties and are currently available for sale. Bank Owned and Forclosed properties can be an excellent opportunity to acquire a property Below Property Value. There are a number of things you should keep in mind at the time of purchasing a Foreclosed Property:

  • All property offers are submitted to Bank for Approval/ Banks reserve the right to move on an offer or deny.
  • Some Banks or Institutions will require a $500 (five hundred dollar) deposit at the time of presenting the offer.
  • To go under contract, a Bank or Institution will require a 3%- 5% deposit which is not refundable if you decide not to purchase after the signing of the contract. 
  • All properties are SOLD ***AS  IS*** No repairs will be performed by the Bank/Institution. Unless the Institutions states so in writting or is advertising as REPAIRED. 
  • Buyer will pay all Closing Cost including the Sales Deed and others /as applicable.
  • Any property that does not have Water/Power for over a year will require certification by licensed personnel at the time of Service Connection. Each certification may vary in pricing from $150-$300. 
  • Repo properties can sometimes be attained at 20%-30%-40% percent below original pricing.

Please contact us via email, with the *property type, *desired location, *price point and *any other important items on checklist* and we promptly verify the properties within our area that are currently available. These types of properties may go quickly, so be prepaired to make your offer and move forward into escrow quickly, if your offer is approved. 

deShow Logo

PRESS this link for BANK OWNED properties► https://enterpuertorico.deshow.com/

 foreclosure.com

PRESS this link for FORECLOSURE properties►   "https://www.foreclosure.com/?rsp=3008" 


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