Bank Owned Properties
Buying bank-owned or foreclosed property
Real Estate Owned (“REO”) properties are houses which have completed the foreclosure process and are now possessed by the bank or mortgage company. This differs from real estate up for foreclosure auction. REO properties include houses, lots, land and commercial properties.
Differences between foreclosed and bank-owned property
When buying a property during a foreclosure sale, you might have to pay at least the loan balance plus any interest and other fees amassed during the foreclosure process. You might also be prepared to pay with cash in hand. Finally, you’ll get the property entirely as is. That possibly will involve current liens and even current occupants that may require removal.
A bank-owned property, on the contrary, is a more tidy and attractive option. The REO property didn’t find a buyer during foreclosure auction. The lender now owns it. The lender will see to the elimination of tax liens, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing.
Making smart choices
It’s frequently believed that any REO must be a good deal and an opportunity for guaranteed profit. This isn’t always the case. You have to be prudent about buying a REO if your intent is to make a profit. While it’s true that the bank is often eager to sell it quickly, they are also looking to get as much as they can for it.
Contact us if you have any questions.
Special Assets Manager
828-524-7000 ext. 2464
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Entegra Bank Owned Properties Available
1.11 Acres on Lake Glenville
5,000 SF Medical/Professional Office