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Bank REO Properties For Sale

The bank now owns the property and the mortgage loan no longer exists. The bank will handle the eviction, if required. The bank may also do some repairs. They will agree with the IRS to remove tax liens and pay off any homeowner's association dues. The buyer of an REO property will receive a title insurance policy and the opportunity to investigate the property. A bank owned property might not be a great bargain. You should be prepared to make an offer. Make sure that the price you pay in the case of success is comparable to other homes in the neighborhood. Take into account the costs of renovation (including time to complete them). Don't get involved into "bidding war" this may cause you to pay over market value. It's not true that "foreclosures" are a bargain.

How Banks Sell REO's

Each bank/lender works a little differently, but all of them have similar goals. They want to get the best price possible and have no interest in selling real estate cheaply. As a rule, banks have an entire department set up to manage their REO inventory. Once you make an offer to purchase, banks generally present a "counter-offer." Counter-offer may be higher than you expect. But they have to demonstrate to investors, shareholders and auditors that they attempted to get the highest price possible. You should have in mind to beat the counter-offer. Several individuals and companies will probably have to review and approve your offer or counter-offer. Even once an offer is accepted, the bank may say that it is "..subject to corporate approval with 5 days."

Property Condition

Banks always want to sell a property "as is". The most of banks will provide a Section 1 pest certification but only when you include it in your offer and negotiate the point. They will allow you to get all the inspections you want (for your expense). However they may not agree to do any repairs.

Your offer should include an inspection contingency period. If the inspections reveal unanticipated damages that the bank will not correct, you will be able to terminate the sale.

Always give the bank another opportunity to make repairs or give you a credit after you've completed your inspections. Sometimes they prefer to save the transaction instead of putting the property back on the market. But do not take it for granted.

Banks do not like a lot of proprietary disclosures as they are exempt from the California Seller's Transfer Disclosure Statement (TDS-14). If real estate agents are involved either representing you or the bank, they have to provide you their disclosure statements.

Most banks will not provide financing on their REOs. But feel free to ask anyway! Especially if the property has extensive damage and you are purchasing it "as is."

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UNITED STATES CoutryWide Real Estate Owned Listings


Browse Foreclosures

1 2 3 4 5 6 7 8 9 10 next→ last Total: 260594 Foreclosures found
43-45 Old Foxon Rd, East Haven, CT 6513
  • City: East Haven
  • State: CT
  • Zip-Code: 6513
  • Price: 60,000
11596 W. Sierra Dawn Blvd. #79, Surprise, AZ 85378
  • City: Surprise
  • State: AZ
  • Zip-Code: 85378
  • Price: 14,900
11596 W. Sierra Dawn Blvd. #74, Surprise, AZ 85378
  • City: Surprise
  • State: AZ
  • Zip-Code: 85378
  • Price: 14,900
11596 W. Sierra Dawn Blvd. #175, Surprise, AZ 85378
  • City: Surprise
  • State: AZ
  • Zip-Code: 85378
  • Price: 18,900
11596 W. Sierra Dawn Blvd. #77, Surprise, AZ 85378
  • City: Surprise
  • State: AZ
  • Zip-Code: 85378
  • Price: 19,900
11596 W. Sierra Dawn Blvd. #108, Surprise, AZ 85378
  • City: Surprise
  • State: AZ
  • Zip-Code: 85378
  • Price: 27,900
11596 W. Sierra Dawn Blvd. #69, Surprise, AZ 85378
  • City: Surprise
  • State: AZ
  • Zip-Code: 85378
  • Price: 22,500
11596 W. Sierra Dawn Blvd. #204, Surprise, AZ 85378
  • City: Surprise
  • State: AZ
  • Zip-Code: 85378
  • Price: 26,900
251 Vehr Dr, Colorado Springs, CO 80916
  • City: Colorado Springs
  • State: CO
  • Zip-Code: 80916
  • Price: 80,000
8885 W 77th Cir, Arvada, CO 80005
  • City: Arvada
  • State: CO
  • Zip-Code: 80005
  • Price: 195,000
1 2 3 4 5 6 7 8 9 10 next→ last Total: 260594 Foreclosures found

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