Believe it or not buying a banked owned property is about the most difficult transaction that you are going to come across in the real estate world. Unlike agencies and home owners that are trying to move the property off the market as quickly as they can, the bank has more important things to deal with than the foreclosure homes that they have inherited. This is both a good and a bad thing for you. It is good because the bank will be willing to let go of the house for well below market value. It is a bad thing because you are going to have to be persistent and do all of the leg work that is associated with obtaining the house.

Starting with the good, you are going to get the property unbelievable cheap. The longer that the bank has had the property the easier it will be for you to get it at a lower rate. It is the main goal of the bank to at least break even on the deal. If the owner was more than half way through paying back the home owners loan when the property was foreclosed you could get the property at less the loan amount.

The bad side to dealing with the bank is that your wanting to buy the property is relatively low on their lists of must dos of the day. A bank is not a real estate agency. They have their own business to conduct that has nothing to do with the property you want. Do not get discouraged and give up. If no one is calling you about the house you are interested in take a trip to the bank and talk to someone in person. With a little persistence and drive you will be able to get the property that you want at a great cost, meaning that you will make more money when you resell.