Finding bank owned properties in Texas can be highly beneficial if you’re looking to grow your real estate business, for numerous reasons. In today’s blog, we will be exploring bank owned properties and the benefits they offer for real estate professionals like yourself.
What are Bank Owned Properties?
As their name suggests, bank owned properties are homes that are currently owned by banks or traditional lending institutions. Bank owned properties in Texas are often homes that have been repossessed after a borrower becomes subject to foreclosure and a repossessed home does not sell to another buyer at auction. In other words, bank owned properties are those that a bank is not able to get rid of. This is where you come in!
Investing in Bank Owned Properties
For real estate professionals nationwide, investing in bank owned homes has become one of the most advantageous strategies. Most banks are eager to sell the properties that they own, meaning that real estate professionals like yourself are likely to be able to get a good deal on such properties. Once you have found bank owned properties in Texas, you will need to complete the following steps.
1. Inspect The Property
Since most bank owned properties in Texas are sold “as is,” they are often purchased in a distressed condition. While it is safe to assume that most bank owned properties will need some work, it is essential to inspect a property before buying to verify how much work will need done within the home and what the expected cost of any renovations will be.
2. Perform A Title Search
Before buying a bank owned property, it is essential to perform a title search that will verify whether or not the home has any liens or outstanding debts.
3. Negotiate Wisely
While it is true that most banks are eager to sell the properties they own, these institutions are aware of the value of these homes and will want to receive a fair deal. Be sure to consider important factors such as the condition of the home and the amount of time it has been in the bank’s possession in order to make a fair offer that is likely to be accepted.
How to Find Bank Owned Properties in Texas
While you can start by asking within your network or calling banks to inquire about properties they own, there is a better way! Property Connect by Haines has the ability to search and find bank owned properties in Texas with detailed property information. When looking at these properties, you can see historical mortgage information, run comparable reports and more. Then you can decide if one of these properties is right for a client or an investment.
Ready to access bank owned properties and grow your business today? Click here to schedule a free demo of our software.