Even though the bulk of the housing crisis has passed, you’ll still find more bank-owned homes than usual for sale across the country. Even in the best of times, there are always a few.
Bank-owned houses in Beverly Hills, usually offer good value for the money. The owner wants them sold and has no emotional attachment to prevent reducing the price if they don’t sell quickly. Whether they’re right for you depends upon whether you’re willing to deal with a bit of clean-up, fix-up, and uncertainty.
Some banks will do initial cleaning, and some will make repairs and other improvements. A few people who lose their homes to foreclosure do consider it a point of honor to leave everything clean and in good condition.
Are the houses in Beverly Hills bank-owned?
However, when you choose to shop for bank-owned houses in Beverly Hills, you should be prepared to spend some time getting the house in shape before you are capable on moving in.
Then there’s the uncertainty. This comes from not knowing the home’s history.
Because the owner – the bank – has never occupied the home, they aren’t required to provide a property condition report. Thus, any lurking problems are yours and your home inspector’s to discover.
Next, since no one involved has ever lived there, there’s no one who knows all about how to operate the various systems. If the furnace has some quirks – they’ll be yours to discover. If you need to find a hidden valve in order to use the sprinkler system, it will be up to you to search for it.
I do have a list of vendors you can call on if the investigation has you stymied.
So before you decide you want to see bank owned houses in Beverly Hills, decide whether you are willing to deal with the uncertainty and whether you need a move-in ready home, or will enjoy the fix-up.
If you want to find out more, stay up-to-date with my blog, and be sure to check out my books on how to sell your home as well.