Now that we have touched on why buying a bank-owned home might not be the best idea in the world, let’s move onto another reason why and that is the down payment. Typically, when you purchase a home, that is something that you can talk about and it is typically like 5 to 10% down, however if you are buying a bank-owned home it is usually 20-25% down.
This is money right off the bat for a home that you do not know if it needs repairs. Is it worth it? To me, it is not. Only because I think that there are is a lot of other options and I think that home owners are flexible with their price and if you give them a fair price they will give you a fair deal.
Keep this in mind whenever you are out looking for a home – I can promise that if you rush into the decision you will regret it.