Not everyone is interested in buying a bank-owned home. Sometimes, these properties are difficult to sell. However, real estate investors and flipping specialists love them. BCZ Homes, the local Connecticut real estate experts, is in the market for bank-owned houses.
What is a Bank Owned House?
When a homeowner defaults on their mortgage loan and the homeowner’s right of redemption is expired, the house is foreclosed. If a home fails to sell in a foreclosure auction, it reverts to the mortgage lender.
The process differs depending on the state you live in. The state of Connecticut uses a judicial foreclosure process, of which there are two forms:
In Connecticut, the process takes anywhere from 60 days to 75 days. Regardless of the locale and the length of the process, at the end of a judicial foreclosure, the home becomes a bank-owned property (also referred to as REO (real estate owned)). The bank then sells the home, often below market value, to get back money that was lost from the defaulted loan.
BCZ Homes Buys Bank-Owned Houses
Buying a bank-owned property lets motivated buyers get a home for a discount. Yet many buyers are wary of bank-owned houses. There could be expensive repairs that need to be done. The house could have been vacant for months, even years. Any number of issues can prevent a bank-owned home from selling.
BCZ Homes specializes in purchasing homes that need updates, repairs, and upgrades. We love taking homes that currently are not in great shape and transforming them into something great. We buy all sorts of properties — ugly homes, outdated homes, homes in foreclosure, and bank-owned homes. When we’re done with the properties, they are move-in ready for the next owner.
Our vision is not only to buy and renovate houses. We rejuvenate neighborhoods by improving the quality of housing and increasing the standard of living. BCZ Homes transforms eyesores and restores their value.
Do You Want to Get a Bank-owned Home Off of Your Inventory?
If you have a bank-owned property on your books, BCZ Homes is interested in buying this Connecticut home. We pay cash for bank-owned properties. Not only that, but we buy homes as-is. There is no need to make repairs or updates to the home.
For more information about selling a bank-owned home, as-is for cash, visit BCZhomes.com or call BCZ today at 475-266-6999. There is no fee for consulting with us about a bank-owned house.
If you have additional questions, please call to learn more. We are ready to meet you and excited to work with you.
By Steve Morgan, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=49022490