A bank-owned car wash is a car wash that was not sold during a foreclosure sale and was therefore inculcated into that foreclosing bank’s inventory. It is more or less a car wash acquired by a financial institution when the initial owner defaults on their mortgage.
This car wash will then be sold at a discounted price, a price lower than current prices for car washes as buyers will be cautious of the costs of potential repairs that might be required. These sorts of properties that are offered for sale also have low-interest rates and low down payments.
There are several reasons to consider buying a bank-owned car wash, and a low sale price is not the only one. However, buyers are always advised to be extremely careful; potential purchases should be extensively analyzed on an individual basis to ensure that it aligns with the buyer’s business model.
Note that an acclaimed “good deal” may turn out to be less appealing once you consider all factors. The reality of daily operations, and the location’s future potential, coupled with long-term municipal plans for the area should also be evaluated extensively.
Taking the first step to find these properties is very crucial. As easy as this may sound, note that locating the right property can be a very tasking job. A sure source to locate bank-owned car washes is a commercial real estate agency.
Note that these agencies tend to have a list of available car washes or at least properties potentially available for purchase. Also, note that networking with business associates may be one of the most viable ways to find these business opportunities.
You should also consider visiting some financial institutions or your county tax offices. Banking institutions may list available properties and/or car wash owners with the intention to sell. Most “bank-owned properties” tend to have a hoard of delinquent payments or are foreclosed properties.
Aside from that, these financial institutions are highly motivated sellers as they have no desire to manage a car wash. Some of these car washes may be closed, while others are already being managed by bank personnel. Additional properties may be found by reviewing county delinquent tax registries.
How Do You Find Bank-Owned Car Wash Businesses in Florida
There are numerous valid resources available that can help you locate already existing or bank-owned car wash businesses in the state of Florida. These top resources include;
Table of Contents
County Delinquent Tax Registries
The Florida Department of Revenue is mandated by law (Section 213.053(19), Florida Statutes to always put out the names of taxpayers who have large unresolved tax liabilities. The list tends to include taxpayers who have unsatisfied tax warrants or liens totaling $100,000 or more.
Note that these foreclosure sales and tax deed sales are later carried out at the office of the Clerk of Court. The opening bid for such properties will be set at the total of all accrued unpaid taxes, interest, penalties, advertising costs, and administrative fees to the date of sale.
To find bank-owned car washes to purchase in the state of Florida, it is imperative you search bank websites. Just as was noted above, financial institutions may list available properties and/or car wash owners with the intention to sell. Financial institutions that offer business loans are most likely to have bank-owned properties listed on their website. When searching, look for links that mention words like “Foreclosures”, “REO”, and “Bank Owned Car Wash”.
This is without doubt one of the most notable listing platforms to find foreclosed properties for sale. Note that this site features a team of real estate professionals with more than 30 years in the foreclosure industry.
They tend to leverage their numerous wealth of sources to find the best available foreclosed properties on the market – such as government agencies, lenders, mortgage brokers, and bankers. BankForeclosureSale also provides a selection of foreclosed residential property, multi-family property, and commercial property to select from.
This is another well-known property intelligence platform to consider when looking for bank-owned car wash businesses to buy. With this platform, you can easily locate the exact investment property you are searching for, irrespective of if it’s listed or not.
Have it in mind that by aggregating data and insights on 50 million off-market properties across the nation, this property platform remains one of the most viable property search engines in the U.S. market and you can leverage its wide range of features to find bank-owned property owners before they reach foreclosure.
Aside from that, you can also 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)
This site features more than 2.3 million foreclosed properties for sale in good locations in Florida and many other places in the United States. Regardless of the sort of properties you are searching for, you can find all types of foreclosure listings on this site to browse and compare and research.
Note that they tend to accrue information that has to do with repo properties for sale from a wide range of sources; including banks, mortgage companies, and government agencies like HUD and FHA.
Owing to that, you’ll get a vast selection of foreclosure properties and many different ways to buy. Foreclosure-Support.com also provides the insider information and advice you need to become an expert buyer, coupled with fantastic Customer Support to guarantee success in your endeavor.
This site has more than 500 foreclosed commercial properties available on its platform, including retail, hospitality, business, and multifamily foreclosed properties, as well as land. This is, without doubt, a viable option to consider when seeking bank-owned car wash businesses in the State of Florida or in other places in the United States.
Have it in mind that you can refine your search to the granular level with LoopNet’s varied search criteria. You also get the opportunity to conduct searches based on asset types and sub-types, 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.
LandCentral.com strives always to simplify the land buying process, priding themselves on the headache – free approach of, “No realtors, no paperwork, and no hassle.” Have it in mind that 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 and properties for sale – which you can subscribe to in order to receive notifications as soon as the latest plots hit the market.
LandWatch offers thousands of bank owned domestic and international properties for sale listings. You can refine your search based on price range, parcel size, state, type (such as farms, businesses, 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.
This is another solid resource to use to find multipurpose properties 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 business properties specifically, and even land or farm properties.
Lending Entity Websites
You can also 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.
Tips for Buying Bank-Owned Car Wash Businesses in Florida
Buying bank-owned properties are more or less like buying a general property; however, there are a few exceptions you have to address. To help you find what you want and also close the deal properly; here are top tips to consider;
Select a Geographic Area
If you are working and if you also want to keep your job, then you will need to buy a car wash that is close to your home, near where you work, or in between. A 15 to 20-minute drive time is ideal if you intend to go to the car wash every day. You can choose to also drive a little further if you have a trusted attendant to take care of the car wash on the days you intend not to go there.
It is recommended you leverage a map (or map software) to note the areas where you intend to own a car wash. A good number of modern investors in metropolitan areas leverage maps and multicolored push pins, the kind with the round plastic head, to pinpoint car washes on the map. Also, note that you can map each location with a small numbered piece of paper under the pin.
Order a Title Search
Most often, banks are known to clear their foreclosures’ titles before listing them but do not assume this will happen all the time. Owing to that and also to safeguard yourself from other hidden costs, it is imperative you consider hiring a title company that will carry out a full, insured title search for any existing encumbrances. In addition, consider getting a real estate lawyer to help you clear any liens that you find.
Do an Appraisal and Inspection
An acclaimed “good deal” may turn out to be less appealing once you take all factors into consideration. Most often, bank-owned properties are discounted because of severe damage or unpleasant location, while others that are in good condition may not even sell at below market value.
Owing to that, buyers are always advised to be extremely careful; potential purchases should be extensively analyzed on an individual basis to ensure that it aligns with the buyer’s business model. In addition, to ensure that you are paying at or below the property’s true market value, get an independent appraisal.
At the same time, hiring a professional to inspect the property can give you a professional insight into its current condition, as bank-owned properties are sold as-is and do not come with warranties of any sort. Note that carrying out an appraisal can put you in a better-negotiating position, which could save you a lot of money in the end.
Work with a Buyer’s Agent
Although hiring a buyer’s agent when looking to purchase a bank-owned carwash is not really necessary; however, note that it might save you time and stress when you have someone transacting with the lender on your behalf. Have in mind that these experts are especially useful if this is your first time buying such a property, especially since they have a fiduciary responsibility to advocate for your best interests.
You should not really bother so much if you cannot afford to hire one; it is the seller’s responsibility to pay for their service. If you decide to employ a buyer’s agent, just ensure that you work with someone who has experience in dealing with bank-owned properties.
Always Keep Useful Records
Keeping accurate records is very important when searching to buy a bank-owned car wash. Ensure to keep your information in a hanging file drawer, file rack, or box, especially for your car wash search. Also, consider taking one or two pictures of each car wash that you identify.
Use a notebook, contact management software, database software, or some other software or method to make a list of all of the car washes in your selected areas. You can key in vital information about the car washes such as the number of bays, number of vacuums, general condition, and other vital characteristics.
Owning a car wash can be profitable, as long as you have done your homework. Dealing with a bank instead of a business owner entails that you won’t have to bother about emotional attachments to the car wash influencing the decision.
However, note that banks tend to take longer to respond to an offer (or a question) than a business owner especially since the offer will have to be reviewed by several individuals or companies. When the lender does respond, they will expect you to respond quickly to keep the process moving.