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Thesa Chambers, Principal Broker

Contact Us Today At (541) 771-7064
thesa@centraloregonbuzz.com

70 SW Century Dr #110 Bend, OR 97702

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Bank Owned Home vs Traditional Sale

Many times throughout the last couple years I receive requests to provide listings or show bank owned homes.  We have a lot of them in Central Oregon and in the past most of the Bank Owned Homes were priced well below a traditional sale.  Today we are seeing some changes in that pricing.

Every area of Central Oregon, offers a few awesome bank owned homes but they also offer some great buys in a traditional sale.  So, what is the difference you might ask, below is a list of things you can expect with a purchase of a bank owned home and a traditional sale.

Bank Owned Home

  • No guarantee how long a home has set vacant – in our extreme temperatures this can be an issue.
  • No repairs – other than major safety or code violations
  • No  history of the home to know how something may work
  • Occasional delays because the asset manager (person over seeing the transaction) has multiple files.
  • Title and escrow is generally handled with an out of area company
  • Often times past due water and sewer accounts are not checked.

The Traditional Sale

  • Home has been typically lived in or at least taken care of
  • Sellers are more inclined to do repairs to sell the home than a bank will
  • Sellers are generally willing to share how the systems of the home work, like winterizing the sprinkler systems and such.
  • Sellers are more motivated to get documents signed and keep the contract moving forward
  • Title and Escrow is handled in the area of the home, where the title company is familiar with the local associations, districts and so on giving you better protection.
  • Water, sewer and other expenses are generally current, or are brought current at time of closing.

Great prices are available in both the bank owned listings and the re-sale listings – if you would like to be notified of listings that fit your price, or other needs I would be happy to set you up with an automatic email for listings that fit your specific needs.

La Pine Bank Owned Homes

Three Rivers South Bank Owned Homes

Sunriver Bank Owned Homes

Bend Bank Owned Homes

 

Posted in: Bank Owned Home Info, Caldera Springs, Central Oregon, La Pine, Sunriver, Three Rivers South Tagged: bank owned homes, bank owned property, Central Oregon, central oregon homes for sale, central oregon real estate, central oregon water front property, first time home buyer, foreclosure, La Pine, la pine bank owned homes, lapine real estate, short sales in central oregon, sunriver homes for sale, Three Rivers South, three rivers south bank owned homes

Comments

  1. Walt B. says

    October 14, 2010 at 1:52 pm

    Traditional sales look a lot more attractive at the present time with all the flak about how banks are unfairly foreclosing on people. Many of these properties will be tied up for a long time. Buying these or other short sale properties could end up being a real can of worms and take a long time to close, if they ever do.

    Reply
    • Thesa Chambers, Broker, ABR says

      October 22, 2010 at 10:23 am

      And already just a week later we are back to foreclosing as usual – that can of worms seems to be closing pretty quickly – many short sales are easier than they were a year or so ago – with bank approval of pricing and banks understanding that a short sale is better than a foreclosure for even them.

      Reply

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About Thesa

As your real estate agent, I understand the value of providing the best possible service to every buyer and seller. Listening carefully to fully identify not only your desires but also your needs. Then work diligently to ensure that both are accommodated to the best of my ability. We will stay abreast on changing market conditions, trends, developments and research all factors that could affect the purchase or sale of your property.  My success and your happiness greatly depend upon the quality of the relationship we achieve.  Through personal redefinition of the professional standards set by most agents, I hope set myself apart from the rest and become the first person that you think of for all of your real estate needs.

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Thesa Chambers, Principal Broker West + Main Homes
thesa@centraloregonbuzz.com
(541) 771-7064
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