I was talking with buyer recently who was looking for a home in my neck of the woods in South Jersey and he made some comments that he though all bank owned properties were in bad condition… the technical real estate lingo is toilet 🙂 ha ha …but it’s just not true.
South Jersey REO
In the South Jersey real estate market you see a wide variety of homes that are bank owned. While I’ll agree, that most of them are dirty and even a little ugly, many of them are not that far from being pretty darned nice! And they’re in all different price ranges and locations…. I’ve seen many REO’s in the $300k to $500k range in South Jersey. As an experienced REALTOR, I’d say many many home buyers can and SHOULD consider buying bank owned properties so long as they have the correct expectations. Later, I’ll write more on the advantages and disadvantages of buying a bank owned property.