Foreclosures & Bank Owned Properties
In today’s market, some of the best real estate deals are found through distressed sales. A distressed sale can be a property that has been foreclosed and taken back by the bank or a short sale.
A foreclosed/bank owned property is a property taken back by the bank due to non-payment by the owner which caused the foreclosure. This type of property will be sold in “as-is” condition. What this means to the Buyer is that the Bank will typically NOT pay for any repairs needed to the property. The Buyer can have a professional inspection performed to report repairs that will be required and then the Buyer will have the option to withdraw from their contract should these repairs be more than they want to take on. Not all Bank Owned properties require repairs; each property is different.
A short sale is a sale of real estate where the proceeds from selling the property will fall short of the balance of the mortgage against the property, and the property owner cannot afford to repay the mortgages’ full amount so the mortgage holder/bank agrees to release the property for less than what is owed. Because the mortgage holder/bank is involved in this process, the purchase price and details of the sale will require bank approval and will typically require a longer processing time to close the sale , generally 3-6 months.
To begin your search of foreclosed/bank owned properties in Nassau County, please click the link below.
Short Sale Properties
To begin your search of short sale properties in Nassau County, please click the link below.