Advantages & Disadvantages Of Buying A Foreclosure
Posted by Steve Harmer on
Once upon a time it was possible for buyers to identify a bank foreclosure from a mile off.
They were often run-down, stripped-to-the-bone and abandoned buildings which looked completely uninhabitable. However it’s a different ball game today, as many banks now choose to renovate their real estate owned (REO) properties before listing them on the market for end users to purchase. This prevents investors and contractors from making a lucrative profit through the bank’s loss.
Banks are cleverer these days, and they understand that the market has improved significantly in recent years, so they won’t come across as desperate anymore. Instead of trying to sell as quickly as possible, they look to minimize their losses. This ultimately creates both…
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Article Provided by Real Estate Council of British Columbia
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