Bank Owned Properties Has Never Been Easier
Finding the best in bank owned properties has never been easier, especially in Nevada and New Jersey, see list of properties by filling in the form below.
Properties That Are Owned By A Lender
Bank Owned, REO (Real Estate Owned), and foreclosure are terms commonly used to describe properties that are owned by a lender (financial institution; typically a bank), after an unsuccessful sale at a foreclosure auction. Typically, the lender will then resell the property by direct sale or market through a Realtor. Buyers often benefit by purchasing these properties as lenders are motivated to dispose of the asset quickly and aggressively price them to reflect market conditions.
REO (Bank Owned) Real Estate
After a bank (lender) takes possession of a property, they will mitigate items owed by the prior borrower, which could include property taxes, homeowner’s association fees and contractor liens. The financial institution will contact the IRS to remove any tax liens against the property. They are usually evicted if the current owners are living at the property. Repairs and maintenance are often performed to make the property more marketable to a potential buyer. However, the lender may discount the property and sell it in a “as is” condition.
Banks Are Not Investors Or Property Managers
Banks are not investors or property managers of foreclosed real estate and want to dispose of the asset as quickly as possible. Most lenders list their properties with local real estate agents who are experienced in marketing and managing these assets.
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