Buy or Sell a Home| Real Estate Pr

Bank owned property could also be called REO. The reason a bank would own a property is because the homeowner lost the home to foreclosure and no one bought it at the auction. How do you find great deals on bank owned property?

In today's market with so many foreclosures it is easier to find nicer homes discounted at 25% to 35% off of retail price. You will still have to look around to find the truly great deals. There are a lot of people who have caught on to the discounted properties in good areas so those properties will move quickly.

Bank owned property can offer great discounts you will have to put a game plan together so you can move quickly to buy. Here is a game plan to find and buy bank owned property.

1) Get pre-qualified for a loan if you are looking for a bank owned property to live in. If you are an investor I am assuming you already have a lender letter or hard moneylender letter to provide to the bank.

2) Start getting the listings from different real estate agents that work in the area that you want to buy. Most agents will have access to the list of bank owned property that can be emailed to you every day.

3) Move quickly to view and put an offer on the house if you really like what you see. Property that is discounted does not sit around for too long act fast.

4) Make sure you get an inspection if you are a first time home buyer, these homes can have alot of damage that is why they are discounted. Investors will know what they are looking for and can get an inspector if needed.

5) Keep repeating the cycle of looking for homes until you find what you are looking for.