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Bank Foreclosed Houses Offer Advantages For The New Homebuyer
If you are a new homebuyer, looking for your first home
, you will want to take a good look at bank foreclosed houses. For many first-time homebuyers, bank foreclosed houses also known as Real Estate Owned (REO) properties are a good choice. This is because these homes offer all the benefits of foreclosures including low prices but with fewer risks and hassles than many other types of distressed homes.REO properties are homes which have been legally repossessed by lenders after a homeowner has failed to pay a mortgage. Since lenders simply wish to recoup the money lost on the loan and do not want to pay the management costs on a property, they are often willing to price these REO homes below market value. For the first-time homeowner, this often means a more affordable home and lower mortgage payments.
In addition to price, bank foreclosed houses are also attractive to first-time homebuyers because they carry fewer risks than many types of distressed real estate. Lenders have to take legal possession of the property, so they often remove any title problems or liens on the property and evict any tenants, so that new homeowners do not need to worry about these issues when buying an REO home. As well, most REO homes are sold on behalf of banks by real estate agents. Most homebuyers are familiar with real estate agents, and this often makes new homebuyers feel more comfortable, since it means that buying bank foreclosed houses is similar to buying traditional real estate.
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