Wednesday, June 17, 2009

Buying Bank Owned Homes

Buying bank owned homes is not for the faint of heart. At a minimum, the homes need paint, carpet and minor repairs/replacements. The light fixtures and ceiling fans are probably missing. Some of the sink fixtures might be missing. Some or all of the appliances are gone (including the stove and dishwasher which most people reasonably think come with the house). The cable box and/or phone lines might have been hacked into. The air conditioning unit might be vandalized or gone.

That describes the standard bank owned homes.

And then there’s the really bad.

they took everything but the kitchen sink

The MLS description on this home says: “Visualize the saying ''they took everything but the kitchen sink'' and then view photos!!!”

Prices on bank owned foreclosure homes are mindbogglingly low. But the old saying “you get what you paid for” is old for a reason.

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Photo and description coutesy of
Michae Cavallucci of Re/Max Desert Showcase.