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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.

Anderson Ernst
Special Assets Manager

Franklin
828-524-7000 ext. 2464

Entegra Bank Owned Properties Available

Jackson County


Woudes Mountain Village

Woudes Mountain Village
Lot 3 Quiet Water Cove
Cullowhee, NC 28723

1.11 Acres on Lake Glenville

$174,900

Contact:
Rob Whitney

Landmark Realty Group Cashiers
828-399-1196


Chattooga Cliffs Lots

Chattooga Cliffs
Devil’s Courthouse Dr.
Cashiers, NC 28717

Lot 13 - $99,000 Under Contract

Contact:
Anderson Ernst
Special Assets Manager

828-524-7000 ext. 2464


Macon County

Edgewood Professional Building

Edgewood Professional Building
9 & 33 Edgewood Ave
Franklin, NC 28734

5,000 SF Medical/Professional Office

$463,500

Contact:
Anderson Ernst
Special Assets Manager

828-524-7000 ext. 2464


Waynesville Commercial Property

Highway 441
WNC’s Main North-South Artery

12.89+/- Acres, Zoned Commercial
Ideal for National Retail Out Parcels

$1,500,000 Under Contract

Contact:
Stan Tzouvelekas

RealtyLink, LLC
864-263-5442


17 W. Palmer Street

17 W. Palmer Street
Franklin, NC 28734

+/-2.24 Acres, Commercial Lot Downtown

$599,000 Reduced

Contact:
Stan Tzouvelekas

RealtyLink, LLC
864-263-5442


Lot A Macon Bank Corporate Park

Lot A Macon Bank Corporate Park
Macon Center Drive
Franklin, NC 28734

+/-0.97 Acres, Commercial Corner Lot

$450,000

Contact:
Stan Tzouvelekas

RealtyLink, LLC
864-263-5442


Lot B Macon Bank Corporate Park

Lot B Macon Bank Corporate Park
Macon Center Drive
Franklin, NC 28734

+/-0.80 Acres, Commercial Lot

$239,000

Contact:
Stan Tzouvelekas

RealtyLink, LLC
864-263-5442