Are you in the market for a commercial property and looking for a great deal? Look no further than bank owned commercial properties. These properties are owned by banks due to foreclosure or default on loans. Banks are motivated to sell these properties quickly, often at a discounted price, making them a lucrative option for investors or business owners. In this article, we will guide you on how to find bank owned commercial properties and seize the opportunity.
1. Research Online Listings
The first step in finding bank owned commercial properties is to conduct thorough online research. Many banks have dedicated websites or sections on their websites that list their available properties. Start by visiting these websites and browse through the listings to find relevant commercial properties in your desired location.
2. Explore Real Estate Auction Websites
Real estate auction websites are another valuable resource for finding bank owned commercial properties. These websites often list properties that are being sold through auctions, including bank owned properties. Browse through these websites and set alerts for properties that match your criteria.
3. Engage with Local Real Estate Agents
Local real estate agents have access to a wide network of property listings, including bank owned commercial properties. Reach out to real estate agents specializing in commercial properties in your area and let them know about your interest in bank owned properties. They can keep an eye out for suitable properties and notify you when they become available.
4. Attend Foreclosure Auctions
Foreclosure auctions are a great opportunity to find bank owned commercial properties. Research upcoming foreclosure auctions in your area and attend them to see if any commercial properties catch your interest. Remember to come prepared with sufficient funds and be ready to bid on the property you desire.
5. Subscribe to Mailing Lists
Some banks and real estate companies have mailing lists specifically for bank owned properties. Subscribe to these mailing lists to receive regular updates on newly available commercial properties. This can give you a competitive edge and allow you to act quickly when a promising property becomes available.
6. Network with Other Investors
Networking with other investors can provide valuable insights and leads on bank owned commercial properties. Attend real estate investment meetups or join online forums and communities to connect with experienced investors. They may share their knowledge and even inform you about potential opportunities.
7. Check Local Newspapers and Publications
Don’t overlook traditional sources like local newspapers and publications. Some banks may advertise their bank owned properties in these mediums. Keep an eye out for classified ads or property listings in the real estate section of these publications.
8. Utilize Real Estate Apps
Real estate apps have become increasingly popular and offer convenient ways to search for properties. Explore real estate apps that specialize in commercial properties and check if they have filters or categories specifically for bank owned properties. These apps often provide detailed information and images of the properties, making your search easier.
9. Reach Out to Banks Directly
If you have a specific bank in mind, don’t hesitate to contact them directly. Banks may have additional commercial properties available that are not listed on their websites or other platforms. Speak with their real estate department or commercial lending department to inquire about any bank owned properties they might be looking to sell.
10. Consult with Property Investment Firms
Property investment firms specialize in finding and acquiring investment properties, including bank owned commercial properties. Consult with these firms and let them know about your requirements. They have the expertise and resources to locate suitable commercial properties and guide you through the buying process.
11. Consider Hiring a Real Estate Agent
If you are new to the commercial real estate market or find the process overwhelming, consider hiring a real estate agent who specializes in commercial properties. They have extensive knowledge of the market and can assist you in finding bank owned properties that meet your criteria.
12. Research Property Records
Another method to find bank owned commercial properties is by researching property records. Visit your local county records office or utilize online platforms that provide property records. Look for properties with recent foreclosure or default activity, as they are likely to be bank owned.
13. Join Online Property Auctions
Online property auctions are becoming increasingly popular, and bank owned commercial properties are often listed for auction on these platforms. Research and join reputable online property auction websites to explore available commercial properties and participate in auctions from the comfort of your home.
14. Follow Bank Social Media Pages
Stay updated with bank owned commercial properties by following the social media pages of local banks. Banks sometimes showcase their available properties on platforms like Facebook or Twitter. By following these pages, you can be among the first to know about new listings.
15. Visit Local Courthouses
Some bank owned properties may be listed at local courthouses or government offices. Visit these locations and inquire about any commercial properties that are available for sale or have recently gone through foreclosure. This method may require more legwork, but it can lead to discovering hidden gems.
16. Attend Real Estate Seminars and Conferences
Real estate seminars and conferences are excellent opportunities to learn about the industry and network with professionals. Attend these events and participate in sessions specifically focused on commercial real estate. You might gain valuable insights and connections that can help you find bank owned commercial properties.
17. Check Out Commercial Real Estate Websites
Commercial real estate websites often have sections dedicated to bank owned properties. Explore these websites and utilize their search filters to narrow down your options based on location, property type, and price range. Regularly check these websites for new listings and updates.
18. Research Local REO Companies
Real Estate Owned (REO) companies specialize in selling bank owned properties. Research and reach out to local REO companies to inquire about any commercial properties they currently have or will have in the future. These companies have expertise in handling bank owned properties and can guide you through the purchasing process.
19. Utilize Online Property Marketplaces
Online property marketplaces, such as LoopNet or CoStar, provide a wide range of commercial property listings, including bank owned properties. Explore these platforms and use their search filters to find bank owned commercial properties in your desired location. Set up email alerts to receive notifications when new listings match your criteria.
20. Be Patient and Persistent
Searching for bank owned commercial properties can be a time-consuming process. It requires patience and persistence. Keep actively looking, follow up on leads, and continuously expand your network. The right opportunity will come your way if you remain dedicated to your search.
Conclusion
Finding bank owned commercial properties requires a combination of online research, networking, and utilizing various resources. By exploring online listings, attending auctions, networking with professionals, and staying proactive, you can increase your chances of finding great deals on bank owned commercial properties. Remember to conduct due diligence and consult with experts before making any investment decisions. Good luck with your search!