Bank owned homes in Bend are for more than the first time homeowner. The choices in homes that have gone through the foreclosure process vary in price, location, size and style. There of course are areas that have been hit harder by foreclosures than others but with patience and perseverance you can find just about any type of home you are looking for as a bank owned home or REO (real estate owned).
Bend Bank Owned Homes Under $225,000
Remember that bank owned properties are generally priced under market value and priced to sell quickly! Occasionally a bank owned home will go through a price reduction or two before a buyer will write an offer. Remember that when a home is reduced and it excites you, it very well may be exciting others too! If you the home you decide is right for you and it is bank owned, be prepared to act quickly.
Bend Bank Owned Homes OVER $225,000
Bank owned homes in Central Oregon can be anywhere from move in ready to almost needing to be torn down. Some of these homes have been vacant for a year or more and some of them were just recently vacated. Many times there is deferred maintenance and sometimes they are pristine.
Unlike Bend Short Sales, you will not wait weeks to months for an answer from the bank. A bank owned home can move through the purchase process just as it would if the home were a traditional sale. The bank has already taken their loss and is ready to sell these homes.
Many bank owned homes offer to pay the buyers closing costs right up front and even if they do not many times these costs can be covered when you write your contract. When purchasing a bank owned home using an agent that understands the area, what is happening in the market and has good relationships with the listing agents that the banks use can make your bank owned home purchase go much more smoothly.