Bank owned properties

[Nancy Ma]

I'm new to real estate investing and would like to know if a bank owned property has a lot of equity, why wouldn't we want to pursue purchasing the home from the bank?

[David M.]

@Nancy Ma

I/we would but since the 07-08 crisis, they have effectively gotten into the real estate management business even going so far as to do mild renos themselves before listing.  We can't even directly buy from the bank since they will get the best price on the open market instead of privately selling to an investor.  This also keeps "true" to the relationships they have with the brokers/agents that list the properties for them (which isn't really that easy for them).  At the end of the day, you really can't pick up them up at a discount...  Thats the way it goes..  Helps to promote home ownership I suppose.