Real Estate Owned (Bank Owned) or REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. A bank will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the bank will legally repossess the property. This is usually the case as the amount owed on the home is probably higher than the value of this foreclosure property. As soon as the bank repossess the property, it is listed on their books as REO – Real Estate Owned – and is categorized as an asset (non-performing).
Generally speaking, Bank REO Properties are in poor shape in terms of repairs and maintenance; however, real estate investors will often go after these properties as banks are not in the business of owning homes and so, in some cases, the low price can more than compensate for the condition of the property.
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Bank Owned Properties in Kissimmee / Celebration / Reunion
34747 - Homes Townhomes Condos
Bank Owned Properties in Kissimmee
34746 - Homes Townhomes Condos
Bank Owned Properties in Davenport
33897 - Homes Townhomes Condos
33896 - Homes Townhomes Condos
33837 - Homes Townhomes Condos
Bank Owned Properties in Clermont
Bank Owned Properties in Orlando
Homes Townhomes Condos