Bank Owned (REO) Foreclosures RSS Icon

Bank owned homes and properties, also known as foreclosures and REO properties, can be an exceptional deal for both buyers and investors.  If you're in the market for a foreclosure you can begin your search on our website, we list every bank owned foreclosure currently for sale.  We're also a local leader in listing bank owned foreclosures with established relationships with many of the largest banks and servicers in the country.  We also can show you every property listed by Fannie Mae, Freddie Mac, HUD and the VA.  Begin your search online or contact one of our experienced real estate brokers for assistance.

Found 13 entries about Bank Owned (REO) Foreclosures.

Looking for a good deal on a house? If you're not picky, have some time and know-how, a bank owned foreclosure may be a good option for you.

According to National Mortgage Professional Magazine, sales of foreclosures are slowly creeping up. In September, the sale of bank-owned properties rose 2%, but there are still a lot of these properties on the market, available for a good price. Nationally, distressed houses (foreclosures) sold for a median price of $112,000 last month, 41% less than the median price of non-distressed houses, which came in at $189,000.

If you're shopping for property and are considering foreclosures, consider some of these tips:

  1. Find a realtor who knows a lot about foreclosures. They often have relationships with the
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Bank owned foreclosures are some of the best deals going around in the real estate market. While it seems a simple matter to just approach a bank and purchase one of these properties outright, it isn't always that easy. Most of these properties are in high demand as you can imagine, and the competition for a title can be pretty intense. If you are convinced that bank owned foreclosures are for you, here are a few ideas on how you can increase your chances of getting one.

Research thoroughly

Just as with anything else that involves a hefty financial investment, you will want to do a lot of research on the market, paying particular attention to the properties that you want to buy. By looking into the financial and chronological history of the

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If you're on the market to buy a house and going through the search process, you've probably noticed the large number of foreclosures.  In May 2013, over 2200 homeowners in Washington went through the initial steps of foreclosure, up 15% from last year. And about half that number of homes reverted to bank ownership, 87% more than in 2012. So it seems like many of your choices in the real estate market will be foreclosed homes. 

How is buying a foreclosed home different from a traditional sale?

Well, first it helps to understand what happens in a foreclosure. When a homeowner stops paying his mortgage, the mortgage owner--usually a bank--will serve the homeowner a notice of foreclosure. At this point both parties might opt to try a short sale (which

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Purchasing a home isn't for only those who have tons of money. Program upon program exists to help everyone achieve the dream of home ownership. The HUD program is the perfect program to help out those who are having a hard time coming up with the resources necessary to buy a home.

HUD homes have a terrible reputation as homes that need a lot of work. While part of this is true, it's not such a terrible thing to have a house that's a fixer-upper. Homes fall under the HUD umbrella when they go into foreclosure through an FHA loan. It certainly doesn't mean that the home is in serious disrepair.

It is always a good idea to have the home thoroughly checked by an inspector to make sure there is no serious structural damage. You want to make sure the

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In the last year, it has become much more difficult to find a great deal on a house.   Many buyers looking for a home are a bit overwhelmed at how fast the market has changed due to low inventory.  There are still some good deals out there and HUD homes have some of the best prices around.  HUD homes are properties that had an FHA loan that was foreclosed on. Because the government insured FHA loans, many of these properties go back to the government.  HUD homes can be a great opportunity for owner occupied buyers because HUD gives priority to owner-occupied buyers over investors.  This article focuses on the owner-occupied process for HUD homes, but I also detail the investor process in my Investors Guide to Purchasing HUD Homes.

If you are thinking

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Fannie Mae’s unique HomePath foreclosure program offers extremely lenient financing terms to the purchasers of foreclosures owned by Fannie Mae.

Fannie Mae’s unique HomePath foreclosure program offers extremely lenient financing terms to the purchasers of foreclosures owned by Fannie Mae. These properties are advantageous for many reasons, including special financing, a streamlined loan process, and properties that are in far better condition than standard foreclosures.

HomePath offers two types of financing: the HomePath mortgage, and the HomePath renovation mortgage. With a HomePath mortgage, the buyer’s down payment can be as low as 3% down, and unlike other low down payment loans no mortgage insurance is required. The HomePath mortgage is

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The Good Neighbor Next Door (GNND) program offered is a great way for the everyday service heroes in the United States to purchase a home that has gone into a HUD foreclosure.

The Good Neighbor Next Door (GNND) program offered is a great way for the everyday service heroes in the United States to purchase a home that has gone into a HUD foreclosure. These homes and their mortgages are insured through the FHA or Federal Housing Association and when the buyers who live in those homes can’t afford the payments go into foreclosure are offered to the public. Being on the list gives you an advantage in bidding for and obtaining these HUDhomes.

Because the professions mentioned above are considered to be good neighbors, HUD offers the program to them as

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Ok, now to the good part, the HUD $100 Down Payment Program. To be able to take advantage of this great program you will have to use FHA financing to purchase the property.

With the recent housing market crash and the credit crunch, the options for buying a home with no or low payment has been pretty much wiped out. But there is one great option still available in some parts of the country and that is buying HUD homes for sale by using the HUD $100 Down Payment Program.

First, we need to discuss what a “HUD home” is. A HUD home is a property that has been foreclosed on that originally used FHA insured financing to purchase the property. The homeowner could not make the payments for whatever reasons and the lender foreclosed on it. HUD then

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HUD government homes or repo homes where the mortgage was insured by FHA and then foreclosed upon may be bought as owner-occupied homes or by investors

HUD government homes or repo homes where the mortgage was insured by FHA and then foreclosed upon may be bought as owner-occupied homes or by investors. The process for an investor is different and all investors must abide by specific guidelines.

Every foreclosed home for sale by HUD is first placed on the market for ten days where only buyers who intend to occupy the home are allowed to bid. This is called the Exclusive Listing period and investors are not allowed to bid during the first 10 calendar days after the home listing is posted. Listings are posted every Friday morning and from that time,

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You don’t have to be the winning bidder at a courthouse foreclosure auction to buy seized properties directly from the banks that own them.

With a knowledgeable real estate agent, a little research and some patience, you can negotiate a direct purchase of previously foreclosed property from the bank that holds the title – sometimes saving thousands of dollars in the process.

REO Homes

The last step in the foreclosure process – selling the home – begins at the foreclosure auction. Because the bank wants to recover the previous homeowner’s remaining mortgage debt along with any additional costs incurred during the foreclosure process, the price the bank needs to sell the property for is often higher than auction participants are willing to pay.

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