The home pictured to the left is priced $1.4 million. It is a 6400 sq ft monstrosity on over 16 acres with a private lake and indoor pool. It was designed by the well known Architect: E. Fay Jones.
The bulk of these bank owned properties are from people who bought at the peak of the market and were just too upside down in their homes to sell them. The homes were then either unsuccessful shortsales, foreclosed on, which forced the owner to move, or abandoned by the owner and then foreclosed on.
It is sad and unfortunate, but I guess the old adage holds true that one man’s follie, is another man’s gain. If you are a Buyer then you can really do well by buying these bank owned properties. The interest rates are low and the properties are cheap. If you already own a home then you might consider a bank owned property as a rental. The rental market is extremely strong due to credit issues caused by so many people losing their jobs and losing their homes. The ROI far exceeds what is possible with stock market right now.
The least expensive home on the list is 214 SW Glover in Downtown Bentonville at $49,000. It is in need of some serious repairs, but will makes someone some money. It can be bought for under $50,000 and made to look new for somewhere around $25,000. So, for $75,0000 you have a practically new 3 bedroom home with payments around $600 a month. This home would rent for around $800 due to the location and it being a 3 bedroom. that $9600 a year in rental income is a 13% ROI. Or, maybe you just flip it for $100,000 and make $25,000. Both of these scenarios happen every day. I do it myself several times a year.
If you would like the most up to date list of bank owned homes email me at [email protected]