HomeLight

AUGUST 31, 2020

You will also have to expect a drawn-out process and condition issues, and you’ll have to button up your insurance and inspection processes. 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? Let’s start with the basics.

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HomeLight

SEPTEMBER 1, 2020

The home is now bank-owned (sometimes also called REO, or “real estate owned”). Usually when shopping for a home, you contact a real estate agent, they help you identify properties you might be interested in, you visit those properties, and then when you find one you like, you make an offer.

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HomeLight

MAY 17, 2022

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.” Some auctions do allow interior inspections, so stick with those auctions if you fear buying a dilapidated and rundown property. Real-estate owned (REO) homes.

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