By: Don Sieb
If you are considering buying Bank Owned Properties-(REO) in Snohomish County remember that properies are owned by the Bank and free of any liens.
The banks are still going to try and get the most money they can for the property but they are more willing to take a quick loss and move on.
- At this point the Bank may have to evict the tenant, do some repairs to the property and get it ready for sale.
- Other items the Banks will handle may include removing IRS tax liens and paying off HOA dues.
- The biggest benefit of buying Bank owned property is you will have the opportunity to get title insurance. Title insurance will ensure that you do not have any additional liens recorded against the property. Some of the issues buying property in distress are that you have other liens that have to be satisfied which can make it very difficult to get clear title insurance. Bank owned property will come with clear title.
Be aware: REO property may not be right for you. Do your research before making any offers. If you do make an offer and move forward on the purchase, make sure that you are paying a fair price compared to others in the area. Don't get into a bidding war because the property appears to be a good deal. Many times, people chasing REO or auction property end up paying market value because they get into a biding war. Foreclosures are not always the bargain you may think they will be.
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