Click on the links below to see (Foreclosed Homes)-Bank Owned Homes
What is a Foreclosure ? View this video to learn more
A large part of the buyers use the word “foreclosure” for any “distressed property” which would include REOs ( Bank Owned), or Short Sales.
A property “in foreclosure” is the period of time between the time the seller missed his first payment (and until he gets an NOD – Notice of default) and the time the banks “foreclose” on his home. That when the home becomes a Bank Owned Property.
When buyers are looking for “foreclosures” they are mainly and generally meaning to look for Bank Owned Properties.
So buyers be aware when looking for “that DEAL” : you want to look for the REOs (Bank Owned Properties) or the Short Sales but if you look for foreclosures be aware that :
Foreclosed properties are very likely to be burdened with overdue taxes,liens and clouded titles. A buyer should do his or her homework before purchasing foreclosure properties. Title insurance may or may not be available following a foreclosure sale and various exceptions may be included in any title insurance policy issued to a buyer of a foreclosed property