Buy Bank Owned Homes in El Dorado Hills

Buy Bank Owned Homes in El Dorado Hills

Bank Owned Properties El Dorado County

 

If you are looking for a great value on an amazing home in El Dorado County, we strongly encourage you to look at bank owned properties. You can save thousands of dollars on the home of your dreams, or even get into a home that is much bigger and better than you ever thought possible, just by shopping foreclosures and bank owned properties in El Dorado County! Here at Callie Homes, we specialize in offering foreclosed homes, and we want to get you into the perfect home for you, no matter what your budget is. If you’re interested in saving money on your next home purchase, give us a call today!

What are bank owned properties?

 Just like the name indicates, bank owned properties are owned by the bank. When you buy a house, you often take out a loan and get a mortgage on the house. You agree to make payments to the bank every month for the term of the loan. Some people buy homes with cash, but this is far rarer. Usually people simply take out the loan, start making their payments, and go about their business.
But if you stop paying your loan payments, you will get a certain period of time to get back on track, and if you are not able to the bank will take the house back. This happened a lot during the 2008 recession and caused a lot of scandal. Fortunately for homeowners, it is happening a lot less frequently now than it did then. However, there are still plenty of people getting their houses repossessed, either because they could not keep up the terms of their loans or even simply because they had to move away and could not find a buyer for the house so they let it go back to the bank. Whatever reason might be the cause for the bank taking back possession of the house, the fact is that the bank now owns it.
So now the bank has a house on its hands that it has no use for. It sent out money for the home buyer to buy the house, and that money is gone. The house doesn’t do the bank a lot of good just sitting there vacant, and the money is currently a loss because nobody is offering to pay the loan back now. So the bank puts the house on the market for a very low price, sometimes for just the amount that is left on the loan and sometimes for a different amount, so that it can recoup the loss it incurred in financing the house for the other home buyer. That is where you come in. You have the opportunity to buy this bank owned property for a super low price, which might just leave a bunch of money in your pocket or it might enable you to get into a huge house that you did not think you would ever be able to afford.

What’s the downside of buying bank owned?

The downside of buying a bank owned property or a foreclosure is that the house usually sells as-is. With conventional home buying, you can require that the current home owner fix certain things before you will buy it. The bank probably won’t fix things on a house it has already lost money on. But then again, that’s why it’s such a low price. Most home buyers don’t find the as-is state of a foreclosure to be a problem. They just get a good inspection and make sure they know what repairs, if any, they are going to have to make to the house. Forewarned is forearmed, as the saying goes, and you don’t want to walk into a bank owned property purchase with your eyes closed any more than you want to walk into a conventional home purchase with your eyes closed.

How can Callie Homes help me buy a bank owned?

Remember where we talked about the inspection, the repairs that might be needed, and walking into the purchase with your eyes open? That is one of the really big ways that Callie Homes can help you out when you are looking to purchase a bank owned property in El Dorado County. We will also be your advocate with the bank to get the price you want on the property. If you need advice about your real estate purchase, we will be happy to talk to you about your needs as a home buyer and the different things you are considering when making this decision. It is easy to get starry-eyed and to start ignoring things that might become problems in the future if you are very excited about buying a house, and it is also easy to get discouraged and to start seeing faults in things that really aren’t likely to be problems in the long run. This is why it is good to have an expert on your side, and Callie Homes is just that. Give us a call today: Callie Homes – Your Preferred Realtor in El Dorado County.

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