Uncovering Bank Foreclosures

 

To start first understand that in this industry bank foreclosures or bank owned properties are referred to as REO’s. Which means “Real Estate Owned” by banks or any lending institution.

A home or other property that has a mortgage that has become delinquent on payments, and gone through the legal foreclosure process. (You should google “foreclosure procedures your State’s name” to know and understand the legal process for your State) Thus becoming owned by the lending institution. Real Estate Owned by a lender through the foreclosure process.
REO’s are usually and not 100% listed with Realtors.

Another type of Bank owned property that is also created through the foreclosure process, after the Sheriff’s Sale (Foreclosure Auction), is HUD and VA properties. These are controlled by Uncle Sam. The difference is; REO’s come from properties that had conventional financing* on them. (Which is bank or mortgage company financing other then FHA or VA financing).

HUD properties (Housing of Urban Development) originate from properties with FHA (Federal Housing Authority) mortgage insurance on them. HUD properties are a sealed bid process. Offers are submitted on www.hudhomestore.com by Realtors for buyers only.

VA properties originate from properties insured by the VA (Veterans Administration) and backed by the federal government. VA loans are strictly for military veterans, yet anyone can purchase a VA property. HUD and VA properties are strictly marketed through Realtors, and found in the MLS.

* conventional financing – non-government insured.

Test Your Knowledge:

REO’s are more often than not listed with a Real Estate Broker.

T     F

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June 5, 2017

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