What is a Bank Foreclosure?
An Bank Foreclosure is "real estate owned" by the mortgagee, usually a property that was not sold at the foreclosure auction to a bidder and was therefore acquired or "taken back" by the lender. Since lenders are not in the business of managing real estate, they are willing to sell REOs quickly to interested homebuyers or investors. REOs are sometimes called "special" or "non-performing" assets to distinguish them from properties that are owned and actually used by the lenders, such as corporate facilities or branch offices. Read more inside our Members Section
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