Bank Owned Property

When the home owner defaults for the payments of the mortgage, the property is foreclosed and goes in the hands of the bank which is termed as a BANK OWNED PROPERTY or a Real Estate Owned (REO) property.

Bank Owned Properties are very much in demand due to bargain prices and can be acquired easily today. Banks will require Proof of Funds or Mortgage Approval Letter's to accompany all offer's, and typically can close/complete in less than 30 days.

You should have an experienced Real Estate Agent working for you to avoid some of the potential pitfalls in purchasing a Bank Owned Property - - such as pending fees / liens / declining neighborhood / cost of repairs, etc.

To view a selection of Bank Owned Properties contact me for additional information