Festus Okolie - Realtor

In this part of the different categories of distressed properties - foreclosed homes, real estate owned (REO - bank owned) homes, and Short-Sale homes, let me write about bank owned properties.

A foreclosed property is normally sold at auction so the bank or lender will try to recover the amount owed. If, for any reason, the property doesn't sell at the foreclosure auction, it automatically becomes an REO property. At this time, the property is reverted to the bank or mortgage lender. The bank then attempts to sell the property on its own. The bank usually do this through a mortgage broker. Sometimes REO properties often sell for less than a typical resale property, because the property may need expensive repairs and/or has issues that may be difficult or expensive to resolve.

I hope this post was helpful. Please don't forget to "Like" this page.

In my previous post, I listed three different categories of distressed properties or homes - foreclosed homes, real estate owned (REO - bank owned) homes, and Short-Sale homes.
This post is about foreclosed homes. What is a foreclosure home? Foreclosure of a home or property is when a homeowner or property owner becomes unable to make the mortgage payments and the bank or lender seizes or takes back the house or property. The lender will require this homeowner in default to vacate the house. The lender will then offer the house for sale, usually at a discounted price or get it auctioned off to the highest bidder.

I hope this post was helpful. Please don't forget to "Like" this page.

If you have Liked this page, THANK YOU. If you have not, please click the "Like" button below the cover photo.

Texas Home Sales Remain Strong Despite COVID-19
According to the 2020-Q2 Texas Quarterly Housing Report, the number of home sales across Texas declined in the second quarter of 2020, while median price increased.

Read the Texas Home Sales full report.

www.texasrealestate.com