Desert Homes Realty is helping their clients find Bank Owned homes on a daily basis. Just about all of our current clients are aware that the real bargains are the bank owned homes. Many of these homes are selling for about half the price that the previous home owner paid for the property. We are not talking about homes that are in need of repair or in older parts of town. We are talking about Summerlin, Green Valley, Anthem Country Club, and other very upscale communities. We have some experience with Auctions but we would advise our clients to really do their homework before they get caught up in the auction scenario. There is a reason that homes go to auction. One of the main reasons is the home did not sell when it was listed on the Multiple Listing Service. Homes can be hard to sell if they need major repairs, have water or mold damage, or back up to streets that have a lot of traffic or noise. If you are planning on buying a fixer upper, you better know what you are doing and really find out what the repairs are going to cost you before you make any decision. We always advise our clients to get a home inspection on any property that they are considering and with a licensed home inspector. The inspector can tell you if there is any major damage or structural damage that could cost more than you realized. Paint and carpet are usually an easy fix and most buyers will not let these things discourage them from purchasing a home. Go to a home improvement store and get some estimates so you have a fairly good idea of the cost involved. Many of the bank owned homes have appliances that are missing. The previous owner may have taken the upgraded appliances that they bought for the home. You may be required to replace the built in ones before the home closes escrow. If you are taking out a mortgage, the appraiser for the lender wants the home complete and will not sign off until it is finished. A home purchase is usually the largest single purchase you will make. Don’t take short cuts, it will come back to haunt you in the long run. Happy Hunting!