Bank Owned Properties:
How to Purchase an Abandoned Home in NJ or
Buying a Bank Repo Home in New Jersey
Often times buyer’s find homes that are Bank Owned. While the process is similar – banks often insist on terms not typical of a traditional home purchase. The seller usually makes no warranties and can give no disclosures since they have acquired the property most likely through a sheriff sale. The bank is usually requesting terms such as time of the essence closing dates and liquidated damages, terms that would not be typical of most residential transactions. The typical buyer is more of an investor. We have many clients who purchase bank owned properties. We are here to help you navigate this special situation.