Finding bank owned commercial properties for sale can give you a low-cost way to enter the commercial real estate market. Banks often gain control of commercial properties when investors can’t repay their loans. Banks don’t want to hold the real estate any longer than necessary. They want to sell the commercial properties so they can cover the rest of the mortgage. This creates a unique opportunity for you to find commercial real estate at below-market prices.
Use this quick guide to help you find bank owned commercial properties that you can use to earn a quick profit or generate ongoing income. Some options take more time and effort than others, so choose the one that works best for you.
Contact Banks to Get Information About Commercial Properties They Own
Expect it to take some time for you to get information from banks. They want to sell the properties, but it’s not a top priority for them because banks make most of their money from mortgages and other loans.
Once you get a list of bank owned commercial properties, you may need to do some extra research to decide which ones interest you. Some bank listings will give you a lot of information. Other listings are a bit sparse. At the very least, you should plan to visit the location to make sure it seems like a good investment for you.
Attend Local Real Estate Auctions to Find Bank Owned Commercial Properties
If you don’t want to talk to individual banks about the properties they own, you can attend foreclosure auctions in your area. Foreclosure auctions give you a relatively easy way to bid on several bank owned commercial properties.
While real estate and foreclose auctions have benefits, they also present some challenges. You will not have an opportunity to inspect the property before you bid. You have to make a decision based on information provided by the auctioneer. Ideally, the bank will give accurate information that helps you make a good decision. You may get some unwanted surprises, though, when you visit the property you purchased.
A foreclosure auction may also require all-cash payments. Banks have already been through the foreclosure process once with the property, so they don’t want to do it again. If you don’t have the capital to outbid other investors, then you probably won’t have the option to buy the properties that interest you most.
If you can’t attend bank auctions in person, you can use a foreclosure agent who knows the area and has existing relationships with banks.
Browse a Commercial Real Estate Database That Lists Bank Owned Properties
Online listings of bank owned commercial properties give you the easiest way to explore investment opportunities. An updated database will show the most recent commercial real estate for sale in your area. You can filter the listings to focus on the ones currently owned by banks.
You also get other benefits from browsing properties on an online database. For example, you can focus your search on specific types of commercial real estate, including:
- Retail spaces.
- Industrial sites.
- Multifamily residences.
You can also learn details about each property’s characteristics.
By using an online commercial real estate database, you save time and get more of the information you need to choose a property that fits your investment needs.
Use ProspectNow to Find Bank Owned Commercial Properties for Sale
ProspectNow’s online database lets you search for properties by owner. That makes it easy for you to focus on commercial real estate owned by banks.
You can also use ProspectNow’s predictive analytics to stay ahead of the market. Is a retail store or apartment complex close to foreclosure? Contact the bank now so you can make an early offer. ProspectNow’s ROI calculator will even help you determine whether you should make an offer on a bank owned property.
Get started with ProspectNow so you can discover bank owned commercial properties that you can buy to resell or rent to tenants.