26 Jun Tips for Finding Bank Owned Multi Family, Land, and Commercial Properties for Sale
This post originally appeared on Marketplace Advertiser, Reonomy and is republished with permission. Find out how to syndicate your content with theBrokerList.
Bank Owned Commercial Properties for Sale
Bank owned commercial properties are those that have gone through the foreclosure process and are now in possession of the lending bank of the unpaid mortgage.
These properties can offer investors rates as much as 30%-60% below market, making them an attractive investment opportunity.
In this post, we’ll show you how to find bank owned commercial properties for sale—including multi family, land, and all commercial buildings.
Finding Bank Owned Commercial Properties for Sale
Online listing platforms are one the best places to find foreclosure commercial property and bank owned commercial property for sale.
These platforms give listings of properties that are publicly being listed and sold by banks or other lending entities. Properties that have been foreclosed on are often undersold, but will come with the normal competition and middlemen that comes with any other property listing.
Off-market platforms, on the other hand, allow you find properties before they reach foreclosure and get in contact with the owners of those properties directly.
Search Pre Foreclosures Off-Market with Reonomy
You can use Reonomy to search any U.S. market and find properties and owners before they reach foreclosure.
Search for land, multi family, and a bevy of commercial asset classes and sub-classes in your refined location of focus.
From there, you can use the platform to filter and only see properties that are currently in pre foreclosure. Search by pre foreclosure category or by its auction date (or both, if preferred).
Once you’ve found properties of interest, you can analyze the ownership of those properties and gather contact information of individual decision-makers to reach out directly and connect.
By going off-market, you can avoid the competition of properties and heightened fees associated with properties actively listed online.
If you prefer online listings, however, there are a number of different options for commercial, land, and multi family property searches.
Bank Owned Commercial Properties for Sale Listings
Your first option is to search general commercial listing and foreclosure listings platforms to find bank owned commercial properties currently being sold to the public.
The fact is, there are not many great options when it comes to finding commercial properties that are actively bank owned.
LoopNet currently has over 500 foreclosed commercial properties available on their platform. Including retail, hospitality, and multi-family foreclosed properties – as well as land, LoopNet is a great place to source foreclosed commercial property and land.
You can refine your search to the granular level with LoopNet’s varied search criteria’s. You can search based on asset types and sub-types (think creative spaces or work units for the office asset class), country, states, metros, county, city, zip code, price, lot size, units, cap rate, and year build.
You can also search specifically for distressed commercial properties, or for auction properties only.
Bank Owned Land for Sale Listings
As a less readily-available commodity, bank owned land can be more challenging to find than commercial and multi-family property.
A quick Google search will demonstrate how scarce your options are. However, you can still find foreclosed land for commercial investments if you know where to look – we’ve included a section of the best below.
LandCentral.com look to simplify the land buying process, priding themselves on the headache-free approach of, “No realtors, no paperwork, no hassle.”
Specializing in land for sale, the team behind the platform have over 20 years’ experience sourcing and selling land, and provide extensive details and guidance on purchasing each plot.
In addition, LandCentral.com have a dedicated section on foreclosed land. They post an extensive, monthly list of foreclosed land for sale – which you can subscribe to in order receive notifications as soon as the latest plots hit the market.
LandWatch offers thousands of bank owned US and international land for sale listings. You can refine your search based on price range, parcel size, country, type (such as farms and ranches), availability, and sale type – either fixed price or auction.
You can also simplify you search and browse foreclosed land based on a map of each of the US states.
Land and Farm
Land and Farm, which boasts $294 billion of rural real estate, is a great place to find distressed, rural plots.
The site includes commercial land, ranches, farms, and residential land, and also has a section strictly for land auction properties.
Auctions for land take place in each state, as well as online. You can base your search based on state, price, and acres. Each listing includes detailed information on property characteristics and location – as well as information on auction and open-house dates.
Another source of bank owned land for sale listings is FarmFlip.
While the site includes farm land only, it includes active listings as well as those that have just been sold from a bank to the public.
Bank Owned Muti Family Homes for Sale Listings
Bank owned multi family homes are perhaps the biggest cross between residential and commercial, as they are typically offered on either platform.
While bank owned multi family homes typically demand a higher budget for renovations, the savings you make on the initial payments can be used to bring new life to a foreclosed property.
Given the fact that foreclosures are largely on the residential side of real estate, there are much more options when it comes to finding multi family homes that are bank owned.
Zillow is one of the most popular platforms for finding residential real estate properties – including multi family homes for sale or for lease.
You can find multi family pre-foreclosure, foreclosure auctions and bank owned listings on Zillow’s platform.
You can find listings for bank owned multi-family properties under the “Listing Type” – “For Sale” – “Foreclosures” tabs. Zillow provides extensive property details even with a free account.
BankForeclosuresSale is one of the most popular listing platforms to find foreclosed homes for sale. The site is comprised of a team of real estate professionals with over 30 years in the foreclosure industry.
The experienced team call on a wealth of sources to find the best available foreclosed properties on the market – such as government agencies, lenders, mortgage brokers, and bankers.
BankForeclosureSale offers a selection of foreclosed residential property, multi-family property, and commercial property to choose from.
Foreclosure Support offer 1 million bank-owned homes for sale – including multi family and other residential property.
Listings on their site include bank owned homes for sale, as well as REO properties and auctions.
Realtor.com is another solid resource to use to find multi family and other foreclosed homes for purchase. You can refine your search based on size, price-tag, and property characteristics.
Though the majority of listings on the site are single-family homes, when searching foreclosure properties for sale on Realtor.com, you can actually search for multi family properties specifically, and even land or farm properties.
Homes.com can be used to browse from thousands of foreclosure homes and other residential properties for sale across the U.S.
You can search homes, multi family, and land that have been foreclosed on, and search based on location, price, square foot, stories, lot size, property features (such as ‘community pool’) and year built.
You can easily rank your findings based on proximity, price, price reduction, and age of listing to help speed up your search. In addition, you can save each of your searches by creating a Homes.com account, enabling you to quickly find multi family foreclosures that meet your needs every time you log into the platform.
Lending Entity Websites
Your last option is to visit actual lending entity websites to see if they have listings themselves.
At times, when banks come into ownership of certain properties, they may use their own websites to serve search listings to those looking to buy foreclosed homes or commercial properties.
There are many lucrative foreclosure deals to be found across all asset classes, whether residential, commercial, or somewhere in between (i.e. multi family and residential land).
While you may like to focus on a niche market and options might be scarce, between all of the sources above, or by turning to Reonomy’s off-market search, you should have plenty of bank owned properties to search through and potentially make your next investment.
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