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| Bank owned properties are properties the bank has foreclosed on. A foreclosure is where the owner defaulted on the loan and legal proceedings have occured. These properties can be good purchases but do not limit yourself to looking at just these. Also, make sure you hire a very good inspector prior to closing on the property. We have had clients buy foreclosed properties that the previous owner had dumped concrete down drains, removed air conditioners, etc. Banks typically do not do any repairs or inspections to these homes prior to selling to sometimes unsuspecting purchasers. |
You need a real estate advisor helping you to navigate this tough market - and it's no cost to you. Generally, when real estate is purchased the buyer must borrow the purchase money from a lender. The buyer enters a contract with the lender and one of the terms of the contract is that the lender can take possession of the property and sell it if the borrower defaults on the payments.Foreclosure is the legal proceeding by which a lender terminates a mortgagor's interest in the property after the mortgagor has failed to make the payments. The foreclosing lender takes possession of and/orsells property. |
1135 Kane Concourse- 4 th Floor. Bal Harbour, FL - 33154. Phone: 305.864.5330 Fax: 305.864.5328 Toll Free: 1 800. 379.3079 Argentina: +5411.5453. 9149 Venezuela: +58. 212.720.5129 |
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GZI Realty is a licensed real estate broker with 10 years of experience selling luxury real estate troughout the world.
More than 500 milion in sales in the last 5 years Visit us online for more exclusive deals.
GZI Realty is an Equal Opportunity Employer and supports the Fair Housing Act. © 2010 GZI Realty, Inc. All Rights Reserved.
More than 500 milion in sales in the last 5 years Visit us online for more exclusive deals.
GZI Realty is an Equal Opportunity Employer and supports the Fair Housing Act. © 2010 GZI Realty, Inc. All Rights Reserved.