Bank Owned | REO – Real Estate Owned | WI. Foreclosures
Bank owned property also known as REO – Real estate Owned or Foreclosure property is where a bank / lender takes back the real estate after the property owner defaults on the payments. What are bank owned foreclosures and how can I find bank repos?
How to find and buy Bank Owned Properties
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What is a Bank Owned Property or Real Estate Owned
Bank owned property is foreclosed real estate after the judge slams the gaval down in foreclosure court. At this point the home or property owner no longer has any interest in the property and now the bank becomes the sole owner of the real estate.
Banks do not want to own the foreclosed property so normally they hire or outsource the property to a BPO, Broker’s Price Opinion company who then hires a local real estate company. The real estate agent then does a BPO which is basically the same thing as a CMA - Comparative Market Analyst which compares similar sold and active properties in a giving geographical area. The bankers and real estate agent sets a price to move the property as soon as possible normally with in a 90 day period. And the agent promotes the property as a Bank Owned foreclosures home to help market the property because bank repo’s normally mean great deals if the previous home owner didn’t trash it.