HomeLight

AUGUST 31, 2020

Here, we break down the major pros and cons of buying a bank-owned property to demystify the process and prepare potential buyers. What is a bank-owned home? A bank-owned home, also known as “real estate owned” (or REO for short), refers to properties that have been foreclosed with the ownership transferring to the bank or lender.

Banks 97

Banks Inspection Inspection contingency Title 97

HomeLight

SEPTEMBER 1, 2020

The home is now bank-owned (sometimes also called REO, or “real estate owned”). Make sure the offer includes any important contingencies, such as an inspection contingency. Step 9: Order an inspection. If the home fails to sell at the auction, the bank or lender takes possession of the house.

Banks 85

Banks Inspection contingency Inspection FHA loan 85

HomeLight

MAY 17, 2022

Real-estate owned (REO) homes. A real estate-owned (REO) home has been put up for sale at a foreclosure auction — but it didn’t sell. Now, the bank or another lender owns it and has listed it on the open market. For example, you can agree to an “as is” sale without requesting any repairs.

Inspection 100

Inspection Banks Short sale Title 100