If you want to buy a new home or an investment property, bank owned home sale listings may provide a good home at a discounted price. You can find these foreclosed properties in many places.
If you want to buy a new home or an investment property, bank owned home sale listings may provide a good home at a discounted price. You can find these foreclosed properties in many places.
Bank owned properties are often referred to as real estate owned (REO) properties. REOs may actually be owned by any mortgage lender or government agency that insures mortgages. REOs are foreclosed homes being resold by one of these entities. Often, foreclosed homes are houses that did not sell at auction although sometimes a lender chooses not to auction the property.
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Buying an REO property is less risky than buying a foreclosed home at an auction because you can have the home inspected and appraised before you make an offer. If the home inspection discloses major problems with the home, then you may use those findings to negotiate a lower price. Another benefit of buying an REO verses buying a foreclosed home at auction is that typically the bank clears the property of any liens before it sells it.
Find bank owned property
You can easily find bank owned property listings. Many lenders advertise REO properties on their websites and on the sites of real estate agencies. You can search these bank owned home sale listings by location and home specifications. Most listings include a detailed description of the property, photos and contact information for the real estate broker who represents the property.
Here are a few bank sites:
You can also search online for bank owned home sale listings of local banks and credit unions. Because lenders often work with real estate brokers to sell their REOs, you can also find bank owned home sale listings on realty websites. You may want work with a broker or real estate agent to find foreclosed homes that fit your needs. An agent can find forecloses homes in locations you want to live and let you walk through homes of interest. Additionally, an agent helps your research the property to make sure the title is clear. Since agents work closely with lenders, they tend to know about REO properties even before they are listed online. Reply! can help you find agents who specialize in foreclosed properties.
Government REOs
If you want to buy an REO from a government agency such as the U.S. Department of Housing and Urban Development (HUD), you are required to work with a HUD-approved real estate agent to place a bid. Each agency has its own rules you must follow to make an offer or bid on a foreclosed home. You can search the websites of government agencies by state and home specifications. When you find homes of interest, you can typically get them inspected before making a bid or offer.
Government foreclosures sites:
You can also find numerous websites with bank owned home sale listings from all types of sellers. These sites may be free or require you pay a fee. The only drawback of these sites is that they may not be as up-to-date as the official lender or agency site.
Home loan pre-approval
If you are serious about making offers or bidding on REOs, you want to be pre-approved for a home loan. A pre-approval tells you which homes are in your price range and is often required with an offer. You may finance REOs with traditional lenders and through Federal Housing Administration (FHA) loan programs. The mortgage program you choose will dictate how much money you need for a down payment and closing costs.