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Bank Owned Home Information |
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Written by Administrator
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Friday, 06 October 2006 21:27 |
REO, or Real Estate Owned, is property owned by a bank, mortgage company, or other lien holder that failed to sell at a foreclosure auction. Here at HomesForsaleByBanks.Com we try to bring all of the information for buying a bank owned property to one convenient location.
Most bank owned properties are listed with a real estate broker and are far easier to purchase than a home up for bid at a foreclosure auction. First of all, at an auction, the buyer must pay in full with cash or cashiers check. Also, a preforeclosure home (short sale) must have lien holder approval which creates a problem of it's own. Usually it is very time consuming if you are able to strike a deal at all. A bank owned home is much easier to purchase and can be financed just as you would finance a home that wasn't in foreclosure. Banks are not in the business of owning homes and with so many bank owned homes out there, your chance of purchasing a home below market value is very good.
For the undetermined future, bank owned homes will be free to list at HomesForsaleBy
Banks.Com. If you are a lien holder who would like to post a home, click here to get started. |
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Last Updated ( Sunday, 14 December 2008 01:53 )
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