Prepare For Buying Bank-Owned Properties

Even in this tough real estate market, people are still in the market of buying homes especially when the prices are low and there are many choices. These days when people are hunting for homes they have many options among the listings, from sell-by-owner homes, to short sales to foreclosures that are bank-owned houses. If you're thinking of buying a foreclosed home to save big bucks, the local Jacksonville movers suggest you hire a real estate agent that has experience with these types of bank-owned properties. They can guide you through the process, making it easier to get to the finish line.

First, you want to make sure that you're dealing with a real foreclosure which means that the owner is losing their house because they can't afford their mortgage payments anymore. Of course, this puts them at a disadvantage and hopefully you have the upper hand when negotiation occurs. Some bank-owned properties can sell at 50% below market value so you can expect a lot of competition when you're in the market for these types of housing deals. Sometimes there's so much competition that it actually raises the price of the house and even gets to be above market value.

If you're in the market for a bank-owned property, the local Jacksonville moving specialists remind you to be aware of certain differences than when you're buying a regular home selling traditionally on the market. There are far less disclosures from the private owner of the house, because even the banks rarely visit those homes. You'll have to buy in the condition it's in, as the real estate term says "as is". To protect yourself you can add "contingent upon the buyer's inspection" in the contract. Verify the addendum provisions in the contact as well, to make sure you won’t have to pay any extra fees. The local Jacksonville movers remind you to go through the fine print as well.

When you find the right bank-owned property for yourself, call the local Jacksonville movers for professional moving services at an affordable price. We’re part of the All My Sons Moving and Storage moving company and are backed by four generations of movers. All My Sons moving serves customers in Nashville, Atlanta, Birmingham, Oklahoma City, Salt Lake City and other locations. The local Jacksonville moving specialists offer all types of residential moves, commercial moves, auto moves as well as long-distance moves.

Happy moving!