Redfin

MARCH 4, 2025

There are several types of foreclosure sales – auctions, bank-owned properties, government-owned properties, preforeclosures, and short sales. That means there’s no home inspection or appraisal. Bank-owned properties Bank-owned properties, often called real estate-owned (REO) properties, are owned by the lender.

Pre-approval

HomeLight

MAY 17, 2022

Generally, lenders will take much less than top dollar for a foreclosure, which is good news for anyone looking to score a deal on real estate. You probably won’t be able to get an inspection of the inside of a property before bidding, as sales of foreclosure properties are often sold “as is.” Foreclosure.

Inspection

HomeLight

AUGUST 31, 2020

Some potential homebuyers pass over foreclosures or buying a bank-owned home entirely because they are daunted by the special considerations that go into this kind of sale. The reality is, there are a variety of substantial pros and cons that any would-be buyer should weigh seriously before purchasing a bank-owned property.

Banks

HomeLight

SEPTEMBER 1, 2020

If that’s you, you may have heard that one path to a deal is buying a bank-owned foreclosure. There are pros and cons to consider when going this route, however, such as the fact that bank-owned properties often need more TLC than other homes on the market, and many are sold as-is. A date for a foreclosure auction is announced.

Banks