Tips for finding bank owned commercial properties for sale

Finding bank owned commercial properties for sale

Using listings sites and off-market tools like Reonomy, you can find bank-owned commercial properties for sale with relative ease. Here, we’ll show how. While listings platforms can offer a solid starting point for your bank owned commercial property search, they typically only harness a sliver of the market. Off-market platforms, on the other hand, harness the entire stock of properties across the market, including those not actively being listed for sale.

Off-market platforms allow you find properties before they reach foreclosure and get in contact with the owners of those properties directly—they do not require manual listing by any party.

Search pre foreclosures off-market with Reonomy

Reonomy, a leading property intelligence platform, makes it easy to find the exact property you’re looking for, regardless if it’s listed or not. By aggregating data and insights on 50 million off-market properties across the nation, Reonomy makes it easy to search any U.S. market and find bank owned property owners before they reach foreclosure.

How? First, you can search for land, multi family, and a bevy of other 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 unlock their true owners—arguably the most important part of your commercial real estate search. Even if the property is owned by an LLC, you can pierce that umbrella entity to uncover actual owners and their corresponding contact information, including emails, phone numbers, and mailing addresses. 

All in all, Reonomy completely transforms your bank owned property search. Not only can you explore any property in any market, you have the property intelligence to uncover strategic insights and connect directly with decision-makers—all in just a few simple clicks. 

Bank owned commercial properties for sale listings

You could take the traditional route of searching through commercial listing and foreclosure listings platforms. While your pool of properties to explore will be smaller, you’ll find bank owned commercial properties currently being sold to the public.

Unfortunately, there are not many great options when it comes to finding commercial properties that are actively bank owned. Below are few of the more competitive options…

Bank owned land for sale listings

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

LandCentral.com looks to simplify the land buying process, priding themselves on the headache-free approach of, “No realtors, no paperwork, no hassle.” The team behind the platform specializes in land for sale and has over 20 years’ experience sourcing and selling land. This allows them to provide extensive details and guidance on purchasing each plot.

In addition, LandCentral.com has a dedicated section on foreclosed land. They post an extensive, monthly list of foreclosed land for sale – which you can subscribe to in order to receive notifications as soon as the latest plots hit the market.

LandWatch

LandWatch offers thousands of bank owned domestic 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 your search and browse foreclosed land based on a map of each of the US states.

Land and Farm

Land and Farm, which boasts $294 billions 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 auctions and open-house dates.

FarmFlip

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 multi-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

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.

Bank Foreclosures Sale

Bank Foreclosures Sale 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 calls on a wealth of sources to find the best available foreclosed properties on the market – such as government agencies, lenders, mortgage brokers, and bankers. Bank Foreclosure Sale offers a selection of foreclosed residential property, multi-family property, and commercial property to choose from.

Foreclosure Support

Foreclosure Support offers 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

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

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. For example, PNC Bank has a realty services group that specializes in real estate. On their site is a catalog of bank owned properties for sale. This will differ from bank to bank, but if you have a lending organization in mind, dabble on their website.

Finding foreclosures

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, all of the sources above should provide plenty of bank owned properties to search through and potentially make your next investment.