If a bank forecloses on a home, and it does not sell at auction, it becomes bank-owned-property.
Bank-owned property, also known as real estate owned (REO) property, was taken over by a bank because the owners did not pay their mortgage obligations, and it did not sell at auction.
After a foreclosure, an auction is announced in the paper, and a company who contracts with the fe to sell the property money and recoup some of the lost to bad debt. If no one buys it at auction, it sits on the bank’s books as REO.
An experienced real estate agent, or one that specializes in foreclosed properties, can help a potential buyer navigate some of the unique characteristics of buying such properties and negotiating with a bank.
Banks also do not attempt to dress-up such properties, so the buyer will bear the financial burden of any repairs needed, and it would be wise to enlist the help of a home inspector to make sure there aren’t significant safety or structural issues with the building.
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