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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Banks Inspection Inspection contingency Title 89

HomeLight

SEPTEMBER 1, 2020

If the homeowner fails to catch up on their payments by the auction date, the home is auctioned for sale. The home is now bank-owned (sometimes also called REO, or “real estate owned”). First, it’s worth noting that the term “bank-owned foreclosure” is a bit of a misnomer. Step 9: Order an inspection.

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Banks Inspection contingency Inspection FHA loan 73

HomeLight

MAY 17, 2022

A short sale is a type of preforeclosure; when a homeowner stops making payments on their mortgage and owes more on the home than the house is worth in the current market, then they will need to sell the house for less than they owe, and the lender will be “short” on the amount of money they accept in the sale (hence the name).

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Inspection Banks Short sale Title 91