Bank owned properties are a unique situation in contrast to traditional real estate sales, the owner is the bank and they have no emotional ties to the property whatsoever. The name of the game for the bank is getting out of that property quickly.
Charlotte, NC (PRWEB) October 26, 2015
Self-Directed IRAs are excellent vehicles to enable real estate investing. American IRAs recent blog "Investing in Bank-Owned Real Estate in Your Self-Directed IRA" focuses on a tactic many investors are using, buying distressed real estate.
As the blog explains, "Lenders hate to foreclose on properties. This is why they often approve a ‘short sale’ for less than the borrower owes on the house, and sometimes for less than the home is likely worth. Their core expertise is in lending, not property management or selling houses. When they wind up owning a home, the only thing they want to do is get rid of it at a decent price, and take the cash so they can lend it back out again."
Bank owned properties are a unique situation in contrast to traditional real estate sales, the owner is the bank and they have no emotional ties to the property whatsoever. The name of the game for the bank is getting out of that property as quickly as possible.
Another thing this blog covers are REO and Auctions. As the blog states, "There are terrific bargains to be had, but there is considerable risk, as well: Sales at auctions are typically ‘as is.’ If there are any issues with the house it’s the buyer’s problem, not the seller."
Finally, the blog speaks cautions investors "Unless you’re brand new to real estate and this is your first deal and you need the handholding, you probably want to contact the lender directly about any properties they may be looking to auction or sell. They’ll get you the details about bidding procedures, as relevant, and you won’t have a sales commission making your offer that much less competitive to other bidders who don’t have to carry that additional overhead."
Click here to read the entire blog.
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