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Foreclosures >2. What Is a Bank Owned Property?
When a home owner misses payments on his or her mortgage, the loan becomes default and the home or property becomes distressed. What happens next depends on an appraisal and the equity of the home. If short sale isn’t a viable option for the home owner and the lender, the foreclosure process takes over and the home or property goes up for foreclosure auction.
A bank-owned property (also referred to as a "real estate owned" or "REO" property) is one that was up for sale at a foreclosure auction but did not sell and therefore now belongs to the lender (usually a bank, but can also be any government agency or loan insurer.)
Bruce Williams and Team Bruce Williams & Assoc., Inc. exp Realty 6700 W Friendly Ave Unit 2 B Greensboro, NC 27410 Phone: 336-508-4507 Toll Free: 888-584-9431 x108 Email: bruce-williams@NUMBER1EXPERT.com other: locationx3@aol.com
Quality Customer Service is my focus. My ability to match buyers with their ideal property and to provide effective marketing strategies for sellers has been acknowledged with the Executive Club, President's Club and 100% Club Awards. I obtained the GRI (Graduate Realtor® Institute) shortly after entering the real estate business 19 years ago. I also carry the CRS and e-Pro designations. Only 4% of the Nations 1 million plus REALTORS® have attained the CRS (Certified Residential Specialist). I am proud of my involvement in the real estate profession. Most importantly I believe my success is evident through many repeat customers and clients. I take time to get to know you, the customer, and I personally make it my goal to help you have a successful and satisfying real estate experience. "Real Estate..It's what we do from here to the Coast!"
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