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Pros and cons of buying bank-owned properties. There are advantages and drawbacks to consider before deciding to buy a REO property, including: Pros of bank-owned properties.
Buying foreclosed homes soared in popularity during the Great Recession as a wave of foreclosures hit the market and drove down prices nationwide.
With more and more "distressed" (foreclosed) homes up for sale, a bank-owned home may be the way to go if you are considering buying a house. But experts say buying from a bank is very different ...
This figure falls in the higher spectrum of foreclosure frequency. As of August 2014, the foreclosure rate was 33.7%, 1.7% up from the last year. The rise in foreclosure activity has been most significant in New York and New Jersey, the two most densely populated areas in U.S. Closely following them is Florida. [36]
Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1]
Buying bank owned property can time consuming and it pays to do a lot of research into the property and the neighborhood, but the savings can be considerable. More and more home buyers are looking ...