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WHAT IS A BANK OWNED PROPERTY? 

A bank owned property, also known as a real estate owned (REO) property, is a property that has been repossessed by a lender after the homeowner has defaulted on their mortgage loan. The lender then sells the property to recoup the unpaid loan balance. These properties usually require significant repairs, may be sold at a discounted price, and can represent a good investment opportunity for buyers.

Benefits of buying a (REO) Bank Owned Property. 

Buying a bank-owned property can have many benefits for a buyer. First, a bank-owned property is typically priced below market value. This can provide a great opportunity for buyers to get a bargain on a home. Second, because the property has been through the foreclosure process, the title is usually clear of liens and other legal issues. This makes the closing process much smoother and can help protect the buyer from any potential legal issues in the future. Third, many banks have already completed some repairs and maintenance on the property prior to listing it for sale. This can save the buyer time and money that would otherwise need to be spent on repairs and renovations. ​