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Bank owned homes and properties, also known as foreclosures and REO properties, can be an exceptional deal for both buyers and investors.
According to National Mortgage Professional Magazine, sales of foreclosures are slowly creeping up.
Just as with anything else that involves a hefty financial investment, you will want to do a lot of research on the market, paying particular attention to the properties that you want to buy. If you're on the market to buy a house and going through the search process, you've probably noticed the large number of foreclosures.  In May 2013, over 2200 homeowners in Washington went through the initial steps of foreclosure, up 15% from last year. It is always a good idea to have the home thoroughly checked by an inspector to make sure there is no serious structural damage. If a home in foreclosure does not sell at auction, it is repossessed by the mortgage company or bank.
Bank owned foreclosures are priced competitively, sometimes considerably lower than similar properties on the market.  Combined with the current all time low interest rates, these homes can be a great buy. While some bank owned properties may not be in the best condition, banks will often make small repairs to the homes they repossess in order to increase the appeal of the property, which could mean less work for the buyer.
In the last year it has become much more difficult to find a great deal on a house.   Many buyers looking for a home are a bit overwhelmed at how fast the market has changed due to low inventory.
Fannie Mae’s unique HomePath foreclosure program offers extremely lenient financing terms to the purchasers of foreclosures owned by Fannie Mae. The Good Neighbor Next Door (GNND) program offered is a great way for the everyday service heroes in the United States to purchase a home that has gone into a HUD foreclosure. With the recent housing market crash and the credit crunch the options for buying a home with no or low payment has been pretty much wiped out. HUD government homes or repo homes where the mortgage was insured by FHA and then foreclosed upon may be bought as owner-occupied homes or by investors. Every foreclosed home for sale by HUD is first placed on the market for ten days where only buyers who intend to occupy the home are allowed to bid. However, over the past year, sales in South Florida are rising and less and less are short-sold or foreclosed properties. Banks are not required to do their homework, but buyers are practically required to get a PHD in home buying. So you have probably heard about the great opportunities that abound in investing or buying REO or Bank Owned Properties. In order to succeed in your property investment venture, there are two important factors to consider when choosing to invest in foreclosed properties.
A REO (Real Estate Owned) refers to the property that goes back to the possession of the mortgage company after an unproductive foreclosure auction. All foreclosure sales will initially begin with a specified minimum bid, which will include the loan balance, accrued interests, attorney’s fees, as well as cost that have been incurred during the foreclosure process. However, in most cases, what is owed to the bank is most likely the same amount of the total worth of the property, although there are actually very few foreclosure auctions that will really result to a successful sale. When the property is now categorized as an REO, the bank has full ownership of the said property.

So to put things in better perspective, there is a chance you will get a significant bargain buying from foreclosure auctions but with the possibility of other complications such as eviction and tax liens, etc. On the other hand, purchasing an REO property will mean avoiding any of those complications, which explains why most buyers prefer to purchase such properties.
Most of the time, these offers are faxed to the bank, but the listing agents will require the original copies. Become a FREE member NOW, and get 6+ Hrs of Recorded Training, Including "How to Evaluate Deals for Wholesaling or Rehabbing", "How to Close 2-3 Deals a Week", & much more! Our goal is to help real estate investors create the freedom to determine their own future. If you're not picky, have some time and know-how, a bank owned foreclosure may be a good option for you.
In September, the sale of bank-owned properties rose 2%, but there are still a lot of these properties on the market, available for a good price. While it seems a simple matter to just approach a bank and purchase one of these properties outright, it isn't always that easy. When a homeowner stops paying his mortgage, the mortgage owner--usually a bank--will serve the homeowner a notice of foreclosure. While part of this is true, it's not such a terrible thing to have a house that's a fixer-upper.
These types of homes are known as real estate owned foreclosures, BANK OWNED FORECLOSURES, or REO properties. These properties are advantageous for many reasons, including special financing, a streamlined loan process, and properties that are in far better condition than standard foreclosures. With a HomePath mortgage, the buyer’s down payment can be as low as 3% down, and unlike other low down payment loans no mortgage insurance is required. These homes and their mortgages are insured through the FHA or Federal Housing Association and when the buyers who live in those homes can’t afford the payments go into foreclosure are offered to the public. To be able to take advantage of this great program you will have to use FHA financing to purchase the property.
But there is one great option still available in some parts of the country and that is buying HUD homes for sale by using the HUD $100 Down Payment Program. A HUD home is a property that has been foreclosed on that originally used FHA insured financing to purchase the property.
The process for an investor is different and all investors must abide by specific guidelines.
This is called the Exclusive Listing period and investors are not allowed to bid during the first 10 calendar days after the home listing is posted. Bargain hunting took on new meaning as prospective home buyers scoured the web in hopes to find a $350,000 property for less than $100,000. It’s a lengthy process to say the least and the first person you want on the front lines of this battle is your Realtor. BUT –  without proper experts in the buyers corner, the bank may end up owning the buyer!

First, time element – opportunities may abound today, but who’s to say it will still be available tomorrow?
To be able to place a bid at an auction, you must first have in your possession a cashier’s check with the full amount of your bid. Hence, the property will then be reverted to the bank and will be tagged as an REO, or a real estate property owned by the bank.
The bank will then facilitate a scheduled eviction, and if necessary, may also conduct some repairs.
Nationally, distressed houses (foreclosures) sold for a median price of $112,000 last month, 41% less than the median price of non-distressed houses, which came in at $189,000.
Most of these properties are in high demand as you can imagine, and the competition for a title can be pretty intense.
The HUD program is the perfect program to help out those who are having a hard time coming up with the resources necessary to buy a home.
The homeowner could not make the payments for whatever reasons and the lender foreclosed on it. Brown, PA & Associates is one of the premier West Palm Beach law firms, providing exceptional legal representation in all aspects of real estate, short sale and foreclosure litigation, family law, criminal defense, trusts, estate, and probate litigation. Suffice it to say, any serious investor or serious buyer should take advantage of the temporary market slump today before it starts to recover. If there is enough equity in the said property to fully satisfy the loan, the residential owner will most likely sell the mortgaged property and pay off the debt. The bank will also negotiate with the IRS to remove any existing tax liens as well as pay off any dues to the homeowner’s association. We strive to help you set up and grow your real estate investing business,  your lead base, and your revenue by sharing what has (and has not!) worked for us, and what we believe to be the best practices. If you are convinced that bank owned foreclosures are for you, here are a few ideas on how you can increase your chances of getting one. With an attorney the buyer will know if the title is unmarketable quicker, kill the deal sooner, and move on to a new prospective home. So hire a proper title company in west palm beach and save your transaction, your sanity and your time. Second, if this is your first foray in REO foreclosures, then you need to double time on learning the ropes. Additionally, there is also a possibility that there are other existing liens against this property. So should you decide to purchase an REO, you will be given the opportunity to conduct an investigation of the property as well as receive a title insurance policy.
Here are some important facts that may come handy when buying REO homes and REO properties.

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