Search Chattanooga Bank Owned Homes

Bank owned homes in the Chattanooga Area are usually a great buy and are not really anymore hassle than a typical resale home. Unlike a short sale, a bank owned home can be purchased with in a reasonable amount of time, 30-60 days. These homes have usually been somewhat neglected which can vary greatly from minor to major repairs, but for the savvy investor or home buyer these usually cosmetic issues with the home can be fixed for a significant amount less than the discount from the homes true value.

Buying a Bank Owned Home

Though the process itself is not much different than a typical home purchase there are a few things you need to remember.
1. A home inspection of a bank owned home is a must. If the inspector you chose offers a premium package I would do it as you really want the property to be inspected thoroughly. Even if the home looks good, any home that sits empty for a period of time can develop some expensive issues that need to be addressed such as stale gas lines, mold, A/C problems, busted water lines, ect. most of which can be fixed but you want to build the cost of the repairs into your offer.

2. As with any distressed or neglected property, you really should work with agent and their are some really great Chattanooga Realtors choose from. The major concern is the state of the home, the estimated value of the home after improvements, and the cost of any remodeling. In most cases because you’re emotionally involved or attached, most buyers grossly over estimate the improved value and/or underestimate the repairs. Bank are going to pay the same commission whether you use their agent or your own buyer’s agent, so you might as well have an agent you know is on your side.