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What Is a Bank Owned or Real Estate Owned “REO” Property?
A typical real estate owned listing has failed to sell during the foreclosure process and is now owned by a mortgage lender, bank or the mortgage investor. Every mortgage contract has a lien on your property. A lien allows your lender to take control of your house if you stop making your mortgage payments. Foreclosures are typically the result of the homeowner being unable to keep up with their mortgage.
Buying a foreclosed home is a little different from buying a house owned by a homeowner.
How do I purchase a bank owned property on the list?
Contact the individual or realtor listed on the property and they will discuss your options.